Echion Technologies Secures £29M to Bring Game-Changing Niobium Battery Tech to Market
In a significant milestone for the battery technology industry, Echion Technologies, a Cambridge-based developer of niobium-based, fast-charging battery materials, has successfully raised its Series B funding round of £29 million. The investment round was led by Volta Energy Technologies, a specialist battery and energy storage technology investor, with participation from existing investors CBMM, BGF, and Cambridge Enterprise Ventures.
Unlocking the Potential of Niobium-Based Batteries
Echion Technologies has been at the forefront of developing innovative niobium-based anode materials for lithium-ion batteries. Their flagship product, XNO®, promises to revolutionize the battery industry by enabling lithium-ion batteries that can safely charge in less than ten minutes, maintain high energy densities even at low temperatures, and deliver high power across a cycle life of more than 10,000 cycles.
These remarkable capabilities make XNO® an ideal solution for industrial, commercial, and high-value applications that demand maximum uptime, low total cost of ownership, and the highest safety standards. Potential applications include rail, high-power off-road vehicles, high-utilization fleets of trucks, buses, or delivery vans, mining equipment, and even motorsports.
A Significant Milestone and Strategic Partnerships
The £29 million investment round marks a significant milestone for Echion Technologies, enabling the company to execute its go-to-market strategy and bring its innovative XNO® anode material to real-world applications at scale. Notably, Volta Energy Technologies' decision to lead the Series B round as its first investment into a European-headquartered company highlights Echion as a rising British battery technology business within the global energy storage industry.
Echion's longstanding partnership with CBMM, the world's leading producer of niobium, will be instrumental in scaling up production. The two companies are set to open a 2,000-tonne-per-year XNO® manufacturing facility later this year, providing Echion with the capacity to satisfy the growing demand for its niobium-based anode material from major cell manufacturers and original equipment manufacturers (OEMs) worldwide.
"Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles," said Jean de La Verpilliere, CEO of Echion Technologies. "The investment from our partners Volta Energy Technologies, CBMM, BGF, and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialization and full production volume."
Rodrigo Barjas Amado, the Commercial Head of Battery Program at CBMM, expressed confidence in the partnership, stating, "Having invested in Echion since 2021, we are pleased to see the progress that has been made through our partnership so far, and we are proud to support bringing this ground-breaking, niobium-based technology to the market with our 2,000-tonne-per-year manufacturing capacity."
Paving the Way for Sustainable Electrification
Echion Technologies' success in securing significant funding and forging strategic partnerships is a testament to the immense potential of its niobium-based battery technology. As the world continues its transition towards sustainable electrification, the demand for high-performance, fast-charging, and long-lasting battery solutions is only expected to grow.
With XNO®, Echion Technologies is well-positioned to meet this demand, offering a game-changing solution that could revolutionize various industries, from transportation to energy storage. By unlocking the full potential of niobium-based batteries, Echion is paving the way for a future where electrification is not only efficient but also sustainable and cost-effective.