Echion Technologies, a Cambridge-based developer of niobium-based, fast-charging battery materials, has successfully raised its Series B funding round of £29M. The round was led by specialist battery and energy storage technology investor Volta Energy Technologies, with participation from existing investors CBMM, BGF, and Cambridge Enterprise Ventures.
The investment will enable Echion to execute its go-to-market strategy to see its innovative niobium-based XNO® anode material utilised in real world applications, at volume. Echion is Volta’s first investment into a European headquartered company and having Volta as the lead Series B investor highlights Echion as a rising British battery technology business within the global energy storage industry.
Echion’s longstanding partnership with the world’s leading producer of niobium, CBMM, will see the opening of a 2,000 tonne per year XNO® manufacturing facility this year. This provides Echion with the manufacturing capacity to satisfy the large and growing demand for XNO® across its global customer base comprised of major cell manufacturers and original equipment manufacturers (OEMs).
Echion has devised, tested, and patented a niobium-based anode material, XNO®, which delivers lithium-ion battery performance highly suited for industrial, commercial, and high-value applications that demand the highest up-time, lowest total cost of ownership, and highest safety. XNO® enables lithium-ion batteries that can safely charge in less than ten minutes, maintain high energy densities even at low temperatures, and deliver high power across a cycle life of more than 10,000 cycles.
CEO Jean de La Verpilliere commented: “Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles. The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialisation and full production volume.
“The entire Echion team has worked tirelessly to develop our flagship XNO® material into what it is today and this has enabled us to establish partnerships with many major OEMs and cell manufacturers which have recognised the benefits of our materials. I look forward to being able to satisfy their demand for innovative niobium-based anode materials, and to see industrial and commercial applications powered by XNO®.”
Rodrigo Barjas Amado, the Commercial Head of Battery Program at CBMM, said: “Having invested in Echion since 2021, we are pleased to see the progress that has been made through our partnership so far and we are proud to support bringing this ground-breaking, niobium-based technology to the market with our 2,000 tonne per year manufacturing capacity.”
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