A Bristol-based battery technology firm has successfully raised £10.4m in its recent Series A funding round.
The company, founded by a chemist and a physicist, aims to make electric vehicle battery manufacturing more cost-effective and less energy-intensive.
The Bristol battery technology firm, launched in 2018, has raised £10.4m in a Series A funding round. The latest fundraising effort was co-led by World Fund, a European climate venture capitalist, and Maniv, a global early-stage venture capitalist. A group of climate investors, including EEI and Nesta, also participated, with additional support from existing investors Elbow Beach Capital and Wealth Club.
Anaphite’s innovative technology aims to reduce the costs and environmental impact of electric vehicle battery production. The company’s technology has the potential to revolutionise the electrode production process, providing a cost-effective and energy-efficient solution for EV and cell manufacturers. With this new capital, Anaphite plans to scale up its operations, expand its team and technology portfolio, and commission a new plant. This investment will also create new job opportunities and bolster further research and development initiatives.
By 2021, the company’s technology had been applied to lithium-ion battery cell electrodes, securing a further £2.7m in seed and grant funding. The application of their composites in dry coating feasibility trials, conducted in collaboration with the University of Warwick, proved successful. Following a £4.1m fundraise in mid-2022, the team hired former Johnson Matthey commercial strategy director Joe Stevenson as chief executive officer.
Joe Stevenson, the company’s chief executive, highlighted the significance of securing capital from globally renowned investors. He stated, “Securing capital from investors that are renowned specialists in mobility, energy, and environmental investment around the world, is a huge validation moment for Anaphite, and affords us the resources to extend our technical lead in the market.”
Anaphite’s significant funding success underscores the industry’s recognition of its innovative technology and potential to transform electric vehicle battery manufacturing. The new capital will enable the company to expand its operations, create jobs, and further develop its technology, positioning Anaphite as a key player in the evolving battery technology market.
