Anaphite raises £4.1m in seed funding led by Elbow Beach Capital to advance its battery technology
The Bristol-based company secured backing from a syndicate of investors to scale its graphene-enhanced battery production processes.
Anaphite develops advanced production technology for battery electrodes aimed at improving electric vehicle manufacturing efficiency.
Bristol-based graphene technology pioneer Anaphite has raised £4.1m in a seed funding round led by Elbow Beach Capital, which contributed £1.5m alongside backing from Munro and WASE. Additional participants in the round include Wealth Club, Blue Wire Capital, Oxford Investment Opportunity Network, Zero Carbon Capital, Silicon Roundabout Ventures, and Deeptech Labs.
The capital will be directed towards opening licence negotiations with material suppliers or cell manufacturers, constructing a materials demonstration reactor with a production volume of 100kg per day, and testing potential niche applications. Furthermore, the company plans to complete a 10-metre roll-to-roll coating line by the end of 2023 to demonstrate its low-energy battery production process, with the ultimate goal of commercial use in electric vehicles by 2028.
Alongside the investment, Elbow Beach Capital CEO Jon Pollock has joined the company board, while Joe Stevenson is set to join as CEO in September.
Investor perspective
"It’s been a pleasure to get to know Alex, Sam, and the Anaphite team. 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."
Jon Pollock
CEO, Elbow Beach
Use of funds
- 01Continue product development
- 02Fund research and development
- 03Build out infrastructure
Investors
Jon Pollock
Elbow Beach
Munro
WASE
Alex Davies
Wealth Club
Blue Wire Capital
Oxford Investment Opportunity Network
Zero Carbon Capital
Silicon Roundabout Ventures
Deeptech Labs