Cambridge-based fast-charging battery firm Nyobolt has secured $30m (£22.6m) in fresh funding months after warning new investment would be needed to keep operating.
Though the company warned in January that it was at risk of running out of funds in early 2025 in its most recent financial accounts, Nyobolt said it saw significant opportunity in the growing power-intensive sectors of AI and data centres.
Nyobolt said its energy storage and fast-charging tech would set the new industry standard for efficient, low-emissions power in emerging industries.
“The world is experiencing an unprecedented demand for power, not only to decarbonise heavy industries but to provide enough resources to handle the surge in AI infrastructure,” said Sai Shivareddy, co-founder and CEO of Nyobolt.
“The energy status quo can’t and shouldn’t sustain these demands. Our vertically integrated technology is already positively impacting customers, enabling them to experience stable, fast charge solutions when they need them the most.”
The firm posted a loss of £20.2m for the year ended December 2023, double that of the previous year. Revenue for the period was just £67,000.
However, Nyobolt has claimed it closed 2024 with a massive revenue surge, reaching $9m for the year and is projecting to triple its revenue in 2025, having secured $150m in contracts already.
The new funding came from IQ Capital and Latitude, the sister fund of LocalGlobe as well as strategic partners Scania Invest and Takasago Industry.
“Nyobolt has achieved what so few companies can do: translating deep tech research from the lab into a global, impactful business,” said Max Bautin, co-founder and managing partner of IQ Capital.
“In just a few short years they have become the go-to provider of high-power density solutions for AI warehouse operations and heavy-duty vehicles. Now with the advent of the AI revolution, they are in prime position to become the backbone of critical AI infrastructure.”
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