Nyobolt, a Cambridge-based electric vehicle (EV) battery maker that raised £50m in 2022, has warned it could “run out of funds in late Q1 2025” if it can’t secure new capital.
In its latest company accounts, Nyobolt posted a loss of £20.2m for the year ended December 2023, more than double 2022’s loss of £9.3m.
The company, which as of its latest accounts holds cash and equivalents of £19.7m, said it will require further funding in the short term, prompting a “material uncertainty which may cast significant doubt about the Group’s and the Company’s ability to continue”, with warnings that it could be completely out of cash by the end of March.
Founded in 2019, Nyobolt has incurred losses every year since its inception, a difficulty not uncommon in the early years of battery technology startups, which have to invest heavily in research and development.
However, the venture capital environment has fallen on tougher times since its last funding round in 2022, led by HC Starck Tungsten Powders and IQ Capital.
Fellow battery maker Britishvolt collapsed in 2023, after having raised more than £100m between the previous two years. EV firms Arrival and Onto have also collapsed in the past two years, suggesting a grim outlook for the sector.
Nyobolt did sign new commercial contracts within key target industries such as warehouse robotics, mining and humanoid applications in 2024 but revenues from these contracts are not expected to meet all operating and scale up costs for the immediate future.
According to Dealroom, Nyobolt has raised a total of $92.1m from investors including Parkwalk Advisors and Cambridge Enterprise.
UKTN has contacted Nyobolt for comment.
Despite the group’s concerns, there is a clear appetite in the UK for EV technology, with carmakers selling a record number of electric vehicles in Britain last year.
A total of 1.95 million new cars were sold in the UK last year, 19.6% of which were electric, up from 16.5% the year before.
Read more: Think Britishvolt marked the death of UK battery tech? Think again
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