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Fast-charging battery firm Nyobolt raises $30 million for expansion

Fast-charging battery firm Nyobolt raises million for expansion

Cambridge-based battery innovator Nyobolt has raised $30 million, with aims to expand into sectors like autonomous warehouse robots, heavy-duty vehicles, and mainstream electric vehicles.

(Reuters) — Cambridge-based battery innovator Nyobolt has raised $30 million in a funding round led by IQ Capital and Latitude, with participation from Scania Invest. The investment aims to expand Nyobolt’s fast-charging battery solutions into sectors like autonomous warehouse robots, heavy-duty vehicles, and mainstream electric vehicles.

Notably, Nyobolt’s technology achieved an 80% charge from 10% in under five minutes during a test, positioning the company as a key player in rapid EV charging advancements.

The latest fundraising was led by venture capital firms IQ Capital and Latitude and included Scania Invest, the venture capital arm of Scania, Volkswagen’s truckmaking business. The latest funding brings the total Nyobolt has raised to $100 million.

CEO Sai Shivareddy told Reuters that so far Nyobolt, based in Cambridge, England, has focused on energy storage systems, but in particular and autonomous robots that operate in e-commerce warehouses around the clock that require ultra-fast charging because they have almost no downtime.

“We’ve been focused on this market because there’s pretty much no competition,” Shivareddy said.

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