Nyobolt (previously named CB2 Technology), a spinout of the Yusuf Hamied Department of Chemistry in 2016 and co-founded by Professor Clare Grey and Dr Sai Shivareddy. has secured £7.7 milion ($10m) in Series A funding. The start-up is defining a new category of ultra-high power technology, The round is led by IQ Capital with participation from Cambridge Enterprise and Silicon Valley investors.
The funds will enable the company to expand its operations globally and build a new production and testing facilities. Furthermore, the company will increase the headcount for its engineering and operational teams. Nyobolt's CEO, Dr Sai Shivareddy said, "“We have global horizons and are focused on finding the world’s best talent. We are establishing and expanding our teams in the UK, the USA and Asia.”
It has developed it's proprietary process using niobium-based anode materials. It uses the material to create batteries capable of delivering high power, ultrafast charge and high energy density. These batteries are also durable and can be operated within a wide temperature range, which is impossible for many existing battery solutions.