Echion Technologies secures £10m from Barclays and BGF to scale battery materials production.
The funding round was backed by Barclays Sustainable Impact Capital and existing investor BGF.
Echion Technologies develops advanced niobium anode materials designed to improve the performance, charge speed, and safety of lithium-ion batteries.
Cambridge-based Echion Technologies has secured £10m in a new funding round from Barclays Sustainable Impact Capital and existing backer BGF. The capital will be deployed to accelerate commercial growth and expand the production capabilities of its niobium-based XNO anode material through partnered cell manufacturers. The technology allows heavy-duty and commercial electric vehicles to achieve rapid charging times and high operational productivity.
From the founder
"This investment by Barclays and BGF is strong recognition of the value delivered by XNO®. By utilising XNO®, cell manufacturers can deliver the most-innovative, sustainable, and high performing batteries to facilitate the effective electrification of heavy-duty vehicles. It is gratifying to have some of the world’s leading investors support our ambitions and cement their belief in XNO® by investing significant capital. Their investment will enable us to take the next major step forward in our fast-moving company journey."
Jean de La Verpilliere
Chief Executive Officer at Echion Technologies
Investor perspective
"Echion’s leading battery technology is unlocking a long-awaited, economically-viable means of decarbonising heavy-duty vehicles by electrification. By producing fast-charging, high power batteries with minimal deterioration over a life cycle, Echion have overcome the performance and affordability challenges which have prevented electrification of heavy-duty fleets to date."
Steven Poulter
Head of Principal Structuring and Investments, Barclays
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
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About the company
Echion Technologies
Echion Technologies develops niobium anode materials for lithium-ion batteries.