Nyobolt, the pioneer of high-power ultrafast charging technologies, has raised £23 million in funding, led by IQ Capital and Latitude, the sister fund of LocalGlobe, with strategic partners including Scania Invest and Takasago Industry. The funding, which brings the total raised to £75 million, will accelerate the advancement of Nyobolt’s proprietary technology, fuel market expansion, grow its team and cement its position as the industry leader in ultra-fast power systems.
Nyobolt’s high power and quick recharge cycles address barriers to EV adoption in automotive and heavy-duty vehicle applications.
The investment, including from partner Scania Invest, will support the ongoing deployment of Nyobolt’s high-power density, fast-charging battery technology in production vehicle applications. Following successful demonstrations using its own 35kWh EV demonstrator, achieving a 10–80 per cent charge in just under five minutes, Nyobolt has begun deploying innovative low impedance cell design and software controls to support the electrification of high-uptime, heavy-duty vehicles. Nyobolt’s compelling advantages are driving growing interest in passenger car applications, including retrofitting to existing vehicle platforms. Its technology and systems offer customer convenience and longevity, plus enable OEMs to specify a smaller battery size with the associated efficiency and lower costs through smaller, lighter packs.
Interest outside automotive is also rising for the Cambridge business. Power-intensive sectors such as AI automation and data centres are under increasing pressure to cut emissions while also keeping systems running 24/7. At the same time, only 20 per cent of solutions across these sectors are currently electrified. Meanwhile, data centre outages alone average £7,200 per minute in lost revenue, while new GPU-powered AI data centres are disrupting the quality of life for nearby communities, threatening billions of pounds’ worth of damage. These pressures are only set to worsen as AI pushes global power demand up by 165 per cent by 2030.
Nyobolt’s energy storage and fast-charging technologies are not only closing this gap but are setting the new industry standard. By delivering up to 20x more power, charging in minutes and cutting downtime for even the most power-intensive applications to zero, Nyobolt enables peak performance without compromise. And it does so while using fewer natural resources compared to traditional lithium batteries.
At the core of this breakthrough is Nyobolt’s proprietary anode material. Born out of groundbreaking cell chemistry research, Nyobolt’s systems are capable of reaching higher power density and supercharging capabilities, without degradation – overcoming the most critical limitations of conventional technologies.
The company closed 2024 with £7 million in revenue (*non-GAAP) and made history as the first company to successfully charge an electric car battery to 80 per cent in under five minutes. It is now positioned to triple its revenue figures, with over £115 million in contract value already secured.
