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Funding to accelerate development of its next-generation lithium-ion battery technology.
A spin-out from the Department of Engineering, Echion Technologies (‘Echion’) is a leading developer of next generation materials for lithium-ion batteries. Its products deliver a unique combination of fast-charging capability, cost-effectiveness, and high energy density – vital for the world’s shift towards decarbonisation through pervasive electrification.
The Series-A funding round has been led by CBMM – the world’s leading supplier of niobium products – and BGF – the UK and Ireland’s most active and dynamic investor of equity capital in growth economy companies – with the University of Cambridge, Origin Capital and other existing shareholders also taking part.
This funding round increases BGF’s investment in companies engaged in carbon reduction and the energy transition to £230m, and comes shortly after the announcement of a Clean Growth Advisory Board to be chaired by Baroness Brown of Cambridge.
Echion’s materials have been successfully evaluated by major battery cell and battery materials manufacturers around the world, who are now moving forward to larger scale trials. This financing will allow Echion to scale-up to multi-tonne level material production, demonstrating high-yield, cost effective manufacturability as well as to supply the growing demand for material for pre-production trials.
The funds will also be used to strengthen customer support, commercial and R&D operations.
Echion is keen to hear from other cell or battery material manufacturers who also wish to evaluate its products.
Echion has huge potential to use its cutting-edge battery chemistry technology to accelerate the adoption of batteries in a range of applications. BGF is convinced that batteries will play a critical role in the energy transition, and identified that Echion’s technology brings significant benefits in key areas such as fast-charging or high-power applications. This funding round will support an exceptional management team in completing the final push to commercial adoption, working in parallel with a range of very high quality stakeholders, for instance, recent joint projects with Johnson Matthey, and a number of other high profile international customers.Richard Pugh, Investor, BGF and new Board member for Echion.
This partnership is part of our global strategy to accelerate the time to market of our Battery Materials Business front and bring to market an innovative niobium applied technology that will truly transform the way the world moves. Together, CBMM and Echion will advance towards sustainable mobility by offering ultra-fast charging batteries that have greater stability and longer life. We are optimistic and believe that these new products will be available within the next year.Rodrigo Amado, Head of Strategy and New Ventures, CBMM
We are tremendously excited to start the next stage in our journey to bring the Echion Mixed Niobium Oxide products to market. We have great synergies within our investor base, and will keep building a world-leading team to deliver exceptional performance to our customers. We look forward to creating value for our partners and contributing to making superfast charging batteries a reality.Jean de La Verpilliere, CEO, Echion
Having supported Echion right from the start of its journey to commercialise its novel lithium-ion battery technology, Cambridge Enterprise is delighted to see it complete this significant funding round. Echion is now in a very strong position to deliver on the team’s robust commercial traction and make a significant impact in the industry.Chris Gibbs, Investment Manager, Cambridge Enterprise