Cambridge-based Nyobolt bags £7.5M funding to become the next battery pioneer
The world is moving on from conventional to more sustainable energy sources. Countries across the globe are trying to bolster their stance on greener energy generation alternatives. While green energy production is steadily increasing, storing and using it is another conundrum altogether. Helping further advance the science for batteries, Cambridge-based energy startup Nyobolt offers a new kind of battery technology capable of delivering notably advanced features.
The company has developed a new material for manufacturing its ‘cutting-edge’ batteries, which are touted to deliver greater power and fast charging. The startup has now secured a notable £7.5 million in its latest Series A fundraising round. In a conversation with UKTN, the company’s CEO Dr Sai Shivareddy reveals more about the technology behind their futuristic batteries, their future plans, and more.
Funds to fuel further innovation
The latest funding round for Nyobolt was led by IQ Capital, with participation from Cambridge Enterprise and Silicon Valley investors. The fresh funds will enable the company to expand its operations globally and build a new production and testing facilities. Furthermore, the company will increase the headcount for its engineering and operational teams.
“We have global horizons and are focused on finding the world’s best talent. We are establishing and expanding our teams in the UK, the USA and Asia,” says Shivareddy. The team members work with customers to implement and integrate the company’s unique technology into commercial applications for solving their battery challenges.
Nyobolt’s proprietary battery technology
The edge that Nyobolt has over its competition comes from a proprietary process it has developed using niobium-based anode materials. It uses the material to create batteries capable of delivering extraordinary high power, ultrafast charge and high energy density. These batteries are also highly durable and can be operated within a wide temperature range, which is impossible for many existing battery solutions.
The charge and discharge rate capability of Nyobolt batteries has been extensively recorded in academic journals too. “Our founders have published in the world’s leading scientific journals, in a way none of our competitors have. Through our academic publications, you can see that our technology is proven to enable the fastest movement of lithium ions ever recorded in the world. We are so excited to be commercialising this truly unique battery technology,” notes Shivareddy.
Serving several multi-billion dollar markets
Nyobolt’s services are said to be desired in multiple sectors, and it serves many multi-billion-dollar markets such as automotive, energy storage systems, consumer devices and industrial equipment.
COVID-19 couldn’t stop the company from onboarding new investors. Shivareddy says, “We approached investors who shared our passion for solving some of the most difficult problems around batteries and energy storage systems as they are enabling the world to electrify for a more sustainable future.”
In 2021, the company aims to grow more than ever and has some ambitious goals to achieve. “We are leading the class of niobium-based battery technologies. Our goal is to see ourselves as an equal with some of the world’s largest players in the battery technology space. We are agile and hungry to deliver on a worldwide scale,” Shivareddy notes.
Nyobolt was previously known as CB2Tech. It developed as its own entity after years of research at the University of Cambridge, which was led by well-known battery materials expert, Professor Clare Grey, and Dr. Sai Shivareddy. The company has teams in the UK, the US and Asia, with people who have decades of experience at Tesla, Samsung, Dupont and Dyson.