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Nyobolt Raises $59 Million To Develop A 5-minute Fast-charging Electric Car Battery
UK-based startup Nyobolt limited raises $59 Million to develop a 5-minute ultrafast-charging Electric Car battery.
The new funding was led by H.C. Starck Tungsten Powders, a unit of Vietnamese materials supplier Masan High-Tech Materials.
It will go towards developing Nyobolt’s first materials manufacturing plant in UK and expanding its existing US facility.
UK has pumped $395m into battery tech as it plan to ban the sale of new petrol and diesel cars by 2030.
Nyobolt Limited, a UK-based fast-charging battery startup has raised $59 million in series B funding as it looks to develop an Electric Vehicle (EV) battery that can achieve 5-minute charging time.
The new funding was led by H.C. Starck Tungsten Powders, a unit of Vietnamese materials supplier Masan High-Tech Materials. It will go towards developing Nyobolt’s first materials manufacturing plant in the UK and expanding its existing US facility.
Nyobolt, headed by Cambridge University professor, Dame Clare Grey, said its technology will improve battery power and durability tenfold, thereby “erasing” range anxiety in electric vehicles.
Most Electric vehicles on the road can travel around 300 miles before needing to recharge. The start-up’s battery anodes uses Niobium and a tungsten, a technology that allows batteries to be charged to 90 percent capacity in less than five minutes.
Nyobolt said its technology could be applied to home appliances and robotics too. Prof Grey said :
“We founded Nyobolt following the discovery of new anode technologies containing tungsten with remarkable fast charging capability to bring these properties to the market in applications touching all aspects of daily life.
The funding from H.C. Starck will help Nyobolt to scale up our operations in the UK and United States and bring a more sustainable solution into the energy storage industry”
Nyobolt is currently focusing on high-performance racing EVs, but the company say its batteries could be ready for use in mass-market EV models later this decade.
The British Government has pumped $395 million into battery technologies as it plan to ban the sale of new petrol and diesel cars by 2030 in a shift towards electric vehicles.
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See Also : Two Months After Launch, Toyota Recalls Its First All-electric Car Due To Risk Of Wheels Coming Off
