Reducing battery manufacturing costs of EVs, Bristol-based graphene startup Anaphite drives in £4.1 million
Encouraged by the upcoming ban in 2035 on all new sales of petrol and diesel cars in the U.K., Europe and the U.S., there has been an accelerated demand for reliable and inexpensive EVs. It is estimated that over 50% of all cars in the U.K. will be electric by 2050.
Betting big on the mass adoption of EVs, Bristol-based graphene technology innovator Anaphite has raised £4.1 million in a seed round to help EV manufacturers overcome key commercial barriers to the adoption of Li-ion batteries.
Founded in 2018 by Sam Burrow and Alexander Hewitt, the startup aims to accelerate the mass adoption of battery electric vehicles, by developing and licensing technologies that enable faster charging, increased range and low-cost batteries. It incorporates graphene into battery materials, via an inexpensive and scalable process that fits directly into existing cell production lines.
Roughly 30% of an EV’s costs come from its battery, and Anaphite claims its technology can reduce battery manufacturing costs by over 10%. The company’s technology also improves battery capacity and charge rates, potentially reducing charging time by 50%.
The investment was led by London-based social impact investor Elbow Beach Capital and supported by Wealth Club, Blue Wire Capital, Oxford Investment Opportunity Network, Zero Carbon Capital, Silicon Roundabout Ventures and Deeptech Labs.
Going forward, the funding will be utilised to open licence negotiations with a material supplier or cell manufacturer, and build a materials demonstration reactor with 100 kg/day production volume. Anaphite aims for its technology to be used in commercial EV production by 2028.
Alexander Hewitt, COO and co-founder of Anaphite said: “We are in a great position to have a significant impact in the fight against climate change by accelerating the mass adoption of EVs with our fast-charging graphene technology.”
Jon Pollock, CEO of Elbow Beach Capital, added: “The advancement of lithium-ion battery technology is an essential part of the green energy transition and Anaphite’s technology has the potential to accelerate the already rapidly growing EV market.”