- UK fast-charging EV battery technology firm, Nyobolt, has raised a significant $30 million worth of investment in its latest round of funding, bringing the total capital raised by the firm to around $100 million.
- The funding was led by IQ Capital and Latitude, whilst strategic partners also included Scania Group’s venture capital fund, Scania Invest, and Takasago Industry.
- With this additional funding, Nyobolt plans to grow its employee base, and advance its proprietary fast-charging energy solutions.
Nyobolt widens its scope
Nyobolt already made headlines last year after it became the first firm to successfully charge an EV battery from 0-80% in under five minutes, and with this new investment, the manufacturer will hope to further its progress from prototypes to production-going technology, for use in both new EVs and for retrofitting to existing vehicles.
Nyobolt’s not the only player in the ultra-fast charging space now, however. BYD recently showcased its 1,000kW fast charging technology, capable of adding around 400 kilometres of range in five minutes. However, unlike Nyobolt, who is looking to provide its technology to automotive OEMs, it seems unlikely that BYD will be giving a similar offer to other manufacturers. Without specifying names, Nyobolt notes that it has already secured over $150m worth of contracts.
Sai Shivareddy, Co-Founder and CEO of Nyobolt, commented:
“Interest in robust, ultrafast charging solutions for vehicle applications is surging as electrification becomes more widespread. Nyobolt is making the switch viable for heavy duty vehicles that demand both high power and low downtime. Our vertically integrated technology is already positively impacting vehicle operators and users, enabling them to experience stable, fast-charge solutions when they need them the most. I’m delighted to have the confidence of our customers and investors as we further strengthen our mission to push the boundaries of ultra-high-power solutions.”
Scania’s investment into the manufacturer is a strategic one, as a truck and bus manufacturer that is going all-in on electrification. Whilst Nyobolt’s fast-charging battery prototype has been limited to smaller vehicles so far, that’s something Scania will likely want to change with its fresh investment – with the scope of allowing future electric trucks to become even more capable, when it comes to long-distance haulage.
Jessica Persson, Head of Venture Capital and M&A at Scania, added:
“At Scania, we invest in companies that support the shift towards a more sustainable transport system. That’s why we’re excited to announce our investment in Nyobolt, a pioneer in high-power, fast-charging solutions. Its breakthrough anode technology enables ultra-fast charging and longer-lasting batteries—critical advancements for the electrification of heavy-duty transport, industrial applications, and AI-powered infrastructure.”
