British battery startup Nyobolt is reportedly facing financial challenges and has cautioned that it may exhaust its funds by March unless new investment is secured. The company, a spin-off from the University of Cambridge, is actively seeking additional capital after utilizing the £50 million it raised two years earlier.
In the previous summer, Nyobolt presented its ultra-fast charging battery technology. During a demonstration, the company charged an electric vehicle’s battery from 10% to 80% in just 4 minutes and 39 seconds using a 350 kW charger. The EV battery had a capacity of 35 kWh, providing a driving range of approximately 155 miles (about 250 kilometers). A similar demonstration took place in 2023, where the charging process was completed in six minutes. To support its development efforts, Nyobolt secured a significant investment round worth £50 million in 2022.
Despite its innovative advancements, Nyobolt has encountered business difficulties. According to its latest financial statements from November, the company reported a £20 million loss on revenues of £67,000 in 2023. However, Nyobolt has indicated that it has signed new contracts that would enable it to continue operations beyond March and is actively pursuing additional funding.
A spokesperson for Nyobolt addressed recent media reports, stating, “The accounts quoted date back to 2023 and are not reflective of how far we have come and our position today.” The representative noted that 2024 had been profitable and mentioned ongoing financing activities for 2025. “In 2024, Nyobolt started earning revenues from customers and had contracts valued over $120 million (£97 million). We will be announcing further contracts in the first quarter of 2025. Looking ahead, we continue to raise funds with both current and strategic investors, with the next round closing imminently, which will see us through 2025 and into profitability.”
Nyobolt remains optimistic about its future prospects, emphasizing its technological advancements and the potential for continued growth in the electric vehicle market. The company is confident that its ultra-fast charging solutions and strategic partnerships will position it for long-term success.
Source: Electrive
