Niobium battery startup Echion raises £29m
UK startup Echion has completed its Series B funding round, and is preparing to go to market with its niobium-based XNO anode material, which charges lithium-ion batteries in less than 10 minutes.
Echion was spun out of Cambridge University in 2017 to address the rising demand for tech that can speed up the charging of EVs. It has developed material with a unique crystal structure, which is engineered to enable the intercalation of lithium ions with exceptionally fast diffusion coefficients, safe electrochemical potential above SEI formation, and minimal volume expansion.
The company's GBP 29 million series B was led by energy storage technology investor Volta Energy Technologies (Volta), with participation from existing investors CBMM, BGF, and Cambridge Enterprise Ventures.
Echion says the funding can accelerate its partnership with the world’s leading producer of niobium, CBMM, and enable it to open a 2,000 tonne per year XNO manufacturing facility this year. This will give it the manufacturing capacity to meet demand from cell manufacturers and original equipment manufacturers (OEMs).
Jean de La Verpilliere, CEO of Echion Technologies, said: “Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles. The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialisation and full production volume."
