H.C. Starck Tungsten Powders (HCS), Goslar, Germany, a subsidiary of Masan High-Tech Materials, has signed a definitive agreement to invest €52 million in Nyobolt Limited, Cambridge, UK, a fast-charging Li-ion battery solutions company that uses HCS’s tungsten materials in its anode. The investment consists of a 15% equity interest and represents the majority of Nyobolt’s Series B financing round.
Nyobolt is commercialising lithium-ion batteries with high power density and ultra-fast charge capabilities. Its technology builds on a decade of fast charge lithium-ion battery research led by University of Cambridge battery scientist Professor Dame Clare Grey. Nyobolt states that its niobium and tungsten-based anode systems show superior performance over other Li-ion anode technologies with advantages that include:
- Charging time: >90% charged in <5 minutes
- Higher input power density: 10x power addresses range anxiety and allow for smaller and lighter batteries
- Longer durability: 10x durability resulting in a lower total cost of ownership for battery lifetime
- Improved safety: wider temperature performance and reduced fire risk
These capabilities are said to enable new applications and enhanced customer experience with target end uses being high-performance and industrial vehicles, automation (robotics), consumer appliances, cordless tools, stationary storage and mobile rapid charging.
While proceeds from HCS’ investment will help fund Nyobolt’s construction of its anode manufacturing facilities and R&D centres, both parties anticipate significant synergies through future collaborations. These include creating a circular economy for EV batteries leveraging HCS’ recycling capabilities, a reliable source of critical tungsten materials from HCS, cathode technology, and manufacturing experience.
“This investment marks a milestone in our strategy to move further downstream, and get closer to consumers by developing new, innovative applications including our recently trademarked ‘starck2charge’ battery materials product range,” stated Hady Seyeda, CEO of H.C. Starck Tungsten. “Nyobolt’s technology is a real breakthrough that we can help commercialise based on our vast experience in transferring innovative solutions into large-scale manufacturing. This partnership is also going to accelerate the development towards a circular economy for batteries via enhanced recycling and new models of use.”
Craig Bradshaw, CEO of Masan High-Tech Materials, commented, “I am really proud that just over two years after acquiring and integrating the H.C. Starck Tungsten Powders business into MHT we have been able to expand our breadth of business capabilities through the acquisition of a significant equity stake in Nyobolt. We look forward to working together with the Nyobolt team to advance their product offering and opportunities to partner in the manufacturing and commercialisation of their products as well as offering a full life cycle for the advanced strategic materials required in the Nyobolt batteries.”
Professor Dame Clare Grey, co-founder & Chief Scientist Professor, added, “We are excited to move our technologies from development to deployment in the market. We founded Nyobolt following the discovery of new anode technologies containing tungsten with remarkable fast charging capability to bring these properties to the market in applications touching all aspects of daily life.”
“The funding from H.C. Starck will help Nyobolt to scale up our operations in the UK and United States and bring a more sustainable solution into the energy storage industry,” Grey continued. “Nyobolt technology will not only enable net zero both in the electrification of transport, but also the storing of clean and renewable energy on and off the grid. With the investment from H.C. Starck, Nyobolt’s ultrafast charging, high power batteries will help lead the way towards achieving the clean energy goals set by governments around the world.”
Sai Shivareddy, CEO and co-founder of Nyobolt, remarked, “Fast charging remains a critical unmet need as the world electrifies with more sustainable forms of energy – a need our technology addresses. We are excited about the partnership with H.C. Starck and see it as a stepping stone to increase scale and speed to market revealing the true potential of Nyobolt technologies. The Series B funding will put Nyobolt in the driving seat of a fast-moving battery industry and allow us to showcase the uniqueness of our battery technology, developed by our team of experts, which is set to transform the energy storage industry. With H.C. Starck’s investment and technologies, Nyobolt will expand its manufacturing capabilities while minimising its carbon footprint with an effective recycle and reuse program.”