UK-based fast-charging battery technology company Nyobolt has an incredible $30 million Series A funding round announced this week. This raises the total of what has been secured since its creation to $100 million. The latest investment round was led by venture capital firms IQ Capital and Latitude. Scania Invest, the corporate venture capital arm of the Swedish global automotive manufacturer Scania, also joined.
Nyobolt is a developer of groundbreaking energy storage solutions. They have successfully led the charge to innovate their way around the expensive pieces of battery technology to supercharge market’s growing need for ultra-fast charging. Autonomous robots, which work around the clock in e-commerce warehouses, are key applications for the company. These robots require fast charging solutions, given their requirement for near-zero downtime, meaning Nyobolt’s technology is directly applicable and of high value here.
The company’s proprietary battery tech uses a graphite anode that supports ultra-fast recharge and empowers a high energy density. During a recent electric racecar track test, Nyobolt shared further proof of its extraordinary battery technology. They managed to charge an electric vehicle (EV) from 10% to 80% in under five minutes! This performance highlights the potential impact of Nyobolt’s technology on the EV market, where fast charging is critical for user convenience.
Nyobolt has already had conversations with eight of the largest automakers. They are investigating whether the rapid recharging Nyobolt’s cutting-edge battery tech could be incorporated into their vehicles. The company has said it intends to license its technology to battery partners rather than manufacture batteries at scale by itself.
We’ve been focused on this market because there’s pretty much no competition, said Sai Shivareddy, a representative of Nyobolt. He expressed confidence in the future of their technology, stating, “This is totally possible for mainstream, high-volume models within the next three to five years.”
Nyobolt’s ambitions extend well beyond energy storage and into new international markets. The latter, presumably, will be the company’s debut in mainstream electric vehicles and heavy-duty vehicles. Nyobolt’s mission is to meet the rapidly changing demands of the automotive and logistics industries. This strategic expansion is a real testament to their commitment to cutting-edge battery technologies.
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