Swindon & Wiltshire News
Bristol University spin-out raises £10 million to advance battery technology
A Bristol University spin-out that specialises in new technologies for batteries has raised £10 million to scale up.
Anaphite, which specialises in production technology for battery electrodes, raised $13.7 million (£10.4 million) in a Series A funding round.
The funding was co-led by World Fund, Europe’s leading climate VC, and Maniv, a global early-stage VC investing in the decarbonisation of transportation and digitisation of its value chains.
A cohort of top climate investors also joined, including EEI and Nesta, with further participation from existing investors Elbow Beach Capital and Wealth Club.
Anaphite, launched in 2018 by chemist Sam Burrow (CTO) and physicist Alexander Hewitt (COO), has patented chemistry-based technology with the potential to make EV battery manufacture 30 per cent less energy intensive and up to 40 per cent cheaper.
The firm – which has an R&D Lab at Science Creates and a scale-up facility at Chandos Trading Estate in Bristol – is working with leading battery cell manufacturers and car OEMs to implement this technology.
Delivered at scale by manufacturers worldwide, Anaphite’s technology would reduce the cost of EVs for consumers – thereby helping to accelerate the global adoption of EVs and the transition to an eco-mobility future.
The fresh capital injection will enable Anaphite to scale up and expand its in-house dry coating capability, and fully commission a plant with the capacity to deliver tonnes of the company’s patented composite cathode material.
The funding will also support extensive new hires and further R&D investment to expand its technology portfolio.
Alexander Hewitt said: “This funding will help Anaphite scale up and become a partner of choice for the global market. Li-ion battery electrodes have been produced at scale the same way for decades, and with the advent of the sustainable energy revolution, there is an acute hunger for change and improvement in the industry.
“Our technology has the power to revolutionise the electrode production process while lowering costs and emissions for EV and cell manufacturers, and we can’t wait to see it in action.”
Craig Douglas, partner at World Fund, said: “Anaphite’s unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market.
“Their technology is genuinely market-leading, and will help the world transition to an eco-mobility future. The team has already made breakthroughs in lithium-ion battery production, and their technology will be applicable to a wide range of new battery technologies, including sodium-ion and solid state.
“Anaphite has the potential for exponential growth.”
