A Bristol-based battery technology company has successfully raised £10.4 million in a Series A funding round.
The firm, launched by a chemist and a physicist, aims to bring down the cost and energy consumption of electric vehicle battery manufacturing.
Origins and Early Success
Founded in 2018 by chemist Sam Burrow and physicist Alexander Hewitt, the Bristol company began as a student passion project. The duo filed for their first patent shortly after launching, raising £60,000 in pre-seed funding and moving into an incubator lab to develop their technology further.
Scaling Up and Recent Funding
Anaphite’s latest £10.4 million funding round was co-led by climate-focused European venture capital firm World Fund and global early-stage investor Maniv. Other climate investors, including EEI and Nesta, also participated in the round. Existing investors Elbow Beach Capital and Wealth Club continued their support.
The newly raised capital will be used to scale up operations, commission a plant, create new jobs, and invest further in R&D to broaden Anaphite’s technology portfolio.
Technological Innovations
By 2021, Anaphite had successfully applied its technology to lithium-ion battery cell electrodes and secured an additional £2.7 million in seed and grant funding. During feasibility trials with the University of Warwick, the company proved the application of their composites in dry coating.
Joe Stevenson, former Johnson Matthey commercial strategy director, joined the team as chief executive following a £4.1 million fundraising in mid-2022.
In March, the firm raised another £1.6 million, which included £685,000 from Innovate UK’s Investor Partnerships Future Economy programme and over £880,000 from private investors.
Industry Impact and Vision
Co-founder Alexander Hewitt stated, “There is an acute hunger for change and improvement in the industry. Our technology has the power to revolutionise the electrode production process while lowering costs and emissions for EV and cell manufacturers.”
Anaphite’s innovative solutions are set to significantly impact the electric vehicle market by making battery manufacturing more efficient and less energy-intensive.
Past Achievements and Future Goals
Anaphite first garnered attention in the industry by filing for their initial patent in 2018 and achieving rapid milestones thereafter. The founders’ commitment to innovation has driven the company’s growth.
The company aims to maintain its technical lead in the market, as highlighted by CEO Joe Stevenson. He said, “Securing capital from investors renowned for their expertise in mobility, energy, and environmental investments around the world, is a huge validation moment for Anaphite.”
Sam Burrow noted, “We have achieved things the industry has previously thought impossible,” underscoring their pioneering spirit and forward-looking vision.
Strategic Collaborations and Community Support
Anaphite has benefitted from strategic collaborations with universities and institutions, enabling them to test and hone their technological innovations.
The firm plans to leverage its expanded technology portfolio to enter new markets and forge new partnerships, enhancing its footprint in the electric vehicle sector.
Conclusion
The recent £10.4 million funding achievement places Anaphite in a strong position to advance its innovative battery technology.
As the company scales up operations and expands its technological portfolio, it is poised to make a significant impact on the electric vehicle battery manufacturing industry.
The successful funding round marks a critical milestone in Anaphite’s journey, emphasising its potential to revolutionise the electric vehicle battery market.
With continued support from investors and strategic collaborations, Anaphite is set to lead advancements in efficient and cost-effective battery manufacturing.
