A Bristol-based startup aimed at making electronic vehicle (EV) batteries cheaper and less energy-intensive has raised £10.4m in a fresh funding round.
Founded in 2018 by chemist Sam Burrow, now CTO and physicist Alexander Hewitt, now COO, Anaphite has developed a chemical composting process to dry coat for high-performance electrode production.
Anaphite claims with its technology it can produce EV batteries with around 30% less energy usage with 15% of the factory floor space traditionally used to manufacture cells.
“Li-ion battery electrodes have been produced at scale the same way for decades, and with the advent of the sustainable energy revolution, there is an acute hunger for change and improvement in the industry,” said Hewitt.
“Our technology has the power to revolutionise the electrode production process while lowering costs and emissions for EV and cell manufacturers, and we can’t wait to see it in action.”
The company started at the University of Bristol before the founders secured £60,000 to develop its flagship product.
After raising a few million from investors and grants and conducting a feasibility trial with the University of Warwick, the company brought on former Johnson Matthey commercial director Joe Stevenson as its CEO.
The latest funding round was led by the World Fund and Maniv, with additional funding coming from EEI, Nesta, Elbow Beach Capital and Wealth Club.
“Anaphite’s unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market. Their technology is genuinely market-leading and will help the world transition to an eco-mobility future,” said World Fund partner Craig Douglas.
“The team has already made breakthroughs in lithium-ion battery production, and their technology will be applicable to a wide range of new battery technologies, including sodium-ion and solid state. Anaphite has the potential for exponential growth, and we at World Fund are proud to be supporting them as they grow.”
The startup secured £1.6m in government grant funding and private sector investment in March.
