Cambridge spinout, Echion Technologies has raised £29 million in investment capital to help it increase the production of its fast-charging, long-life battery material based on niobium. Echion, a Cambridge University spinout headquartered just outside the city, has invented and patented a niobium-based anode material, XNO®, for use with re-chargeable lithium-ion batteries. The material enables the lithium-ion batteries to safely charge in less than ten minutes, last for more than 10,000 cycles and not lose power in extreme cold or hot temperatures. By improving the power density and thermal stability of lithium-ion batteries, XNO® extends their lifespan. Batteries using XNO® have been shown to have a lower environmental impact than those based on other commonly used materials such as graphite. Graphite is the dominant anode material, with over 90% market share, due to its high energy density and low cost. But for fast charging, graphite-based cells are limited in maximum charge rate compared to XNO® based cells. XNO®’s higher capacity retention and cycle life when charging, across a wider temperature range, boosts available battery capacity. Despite the same volume and weight, higher total energy delivered across the lifetime of the battery lowers total cost of ownership.
Dr Jeff Chamberlain, CEO and Founder of Volta Energy Technologies, said: “We are excited to lead Echion’s Series B and make Volta’s first investment in Europe. Echion and their XNO® technology complements our growing portfolio of technologies that address significant market needs through innovations in the supply chains of battery and energy storage technology. We believe the power of XNO® can uniquely improve performance, lower cost, and meet the demands of the growing, international markets across mining, logistics, railways, automotive and more.” Rodrigo Barjas Amado, Managing Partner and 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.” Dennis Atkinson, Investor at BGF, said: “Echion is a world class UK based battery technology business. We are proud to have them as part of our climate and deeptech portfolio, and excited to support the team and their XNO® technology in electrifying and decarbonising heavy transport.” “Echion is entering the market with their next generation battery material at scale. This is a great team that has combined great technology, great talent, great partners and great money for their go-to-market journey. We’re pleased to have been with Echion from the start and to continue our relationship into this B round with a terrific syndicate of co-investors,” says Chris Gibbs, Investment Director, Cambridge Enterprise Ventures.
