Ekion TechnologiesThe Cambridge-based developer of niobium-based fast-charging battery materials has successfully raised £29 million in a Series B funding round. The round was led by Volta Energy Technologies, a specialist investment firm in battery and energy storage technologies, with participation from existing investors CBMM, BGF and Cambridge Enterprise Ventures.
The investment will enable Echion to execute on its go-to-market strategy to accelerate mass adoption of its innovative niobium-based XNO® anode material in real-world applications. Echion marks Volta’s first investment in a European headquartered company and Volta’s role as lead investor in the Series B positions Echion as a growing UK battery technology company within the global energy storage industry.
Echion has a long-standing partnership with CBMM, the world’s leading niobium producer, and is set to open a 2,000 tonnes per year XNO® manufacturing facility this year, providing Echion with the manufacturing capacity to meet the significant and growing demand for XNO® from its global customer base of leading cell manufacturers and OEMs (original equipment manufacturers).
Echion has invented, tested and patented XNO®, a niobium-based anode material that delivers optimal lithium-ion battery performance for industrial, commercial and high-value applications requiring the highest run-time, lowest total cost of ownership and highest safety. XNO® enables lithium-ion batteries that can be safely charged in under 10 minutes, maintain high energy density even at low temperatures and deliver high power over a cycle life of over 10,000 cycles.
CEO Jean de La Verpilliere commented: “Our goal is to provide the best fast-charging batteries to enable the electrification of heavy-duty vehicles. The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures solidifies our goal of achieving full commercialization and production volumes.”
“The entire Ekeion team has worked tirelessly to bring our flagship XNO® material to where it is today, which has enabled us to forge partnerships with many leading OEMs and cell manufacturers who recognize the benefits of our material. We look forward to meeting their demand for our innovative niobium-based anode material and seeing the industrial and commercial applications that utilize XNO® emerge.”
Rodrigo Barjas Amado, Commercial Head of Battery Programmes at CBMM, said: “We have been investing in Ekion since 2021 and are pleased with the progress that has been made through our partnership so far, and are proud to be able to leverage our 2,000 tonnes per annum manufacturing capacity to support the company in bringing this groundbreaking niobium-based technology to market.”
