LONDON: Nyobolt, a pioneering fast-charging battery technology company based in Cambridge, England, has successfully raised $30 million in its latest funding round. This significant financial injection is intended to facilitate the expansion of its operations into the autonomous warehouse robotics sector and heavy-duty vehicles, while also tapping into new markets, including mainstream electric vehicles (EVs).

The latest round of fundraising was spearheaded by notable venture capital firms, including IQ Capital and Latitude. Additionally, Scania Invest, which is the venture capital arm of Scaniawhose parent company is the automotive giant Volkswagenalso participated in this funding round. With this new capital, Nyobolt has increased its total fundraising to an impressive $100 million, marking a considerable achievement for the company.

According to CEO Sai Shivareddy, Nyobolt has thus far concentrated its efforts on developing energy storage systems, particularly focusing on the autonomous robots designed for e-commerce warehouses. These robots require ultra-fast charging capabilities, as their operational logistics demand minimal downtime. Weve been focused on this market because theres pretty much no competition, Shivareddy emphasized, highlighting the unique position Nyobolt holds in this rapidly evolving sector.

In a noteworthy demonstration of its technology, Nyobolt successfully charged an electric vehicle from 10% to 80% in under five minutes during a recent track test. Over the past year, the company has engaged in discussions with eight major automakers regarding the integration of its innovative battery technologycharacterized by a graphite anode that enables fast charging and high energy densityinto their electric vehicle platforms. This is totally possible for mainstream, high-volume models within the next three to five years, Shivareddy stated confidently. We stand uniquely positioned to partner with anybody and everybody who wants to build these systems at scale.

The urgency for fast-charging EV platforms has gained momentum recently, especially following the announcement by BYD, the leading automotive manufacturer in China, of a new platform capable of charging EVs at speeds comparable to refueling traditional gasoline vehicles.

Shivareddy clarified that while Nyobolt will not manufacture batteries on a large scale itself, the company aims to license its groundbreaking technology to major battery manufacturers. With the growing emphasis on sustainable transportation options and the demand for efficient battery solutions, Nyobolt's innovations could significantly influence the future landscape of electric vehicles and autonomous logistics.