UK-based Echion Technologies, which develops niobium-based, fast-charging battery materials, has snapped $35 million in Series B funding. The round was led by specialist battery and energy storage technology investor Volta Energy Technologies (Volta), with participation from existing investors CBMM, BGF (invested in Kooth and Wobble Genomics), and Cambridge Enterprise Ventures. Notably, Echion is Volta’s first investment in a European-headquartered company.
Funds utilisation
The investment will enable Echion to execute its go-to-market strategy to see its innovative niobium-based XNO® anode material utilised in real-world applications.
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.”
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 deep tech portfolio, and excited to support the team and their XNO® technology in electrifying and decarbonising heavy transport.”
Chris Gibbs, Investment Director at Cambridge Enterprise Ventures, said: “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.”
Echion’s XNO® anode
Echion Technologies was born in the labs of the University of Cambridge Engineering Department in 2017. It was founded by Jean de La Verpilliere and Dr. Alex Groombridge.
The company has devised, tested, and patented a niobium-based anode material, XNO®, which delivers lithium-ion battery performance highly suited for industrial, commercial, and high-value applications that demand the highest up-time, lowest total cost of ownership, and highest safety.
XNO® enables lithium-ion batteries that can safely charge in less than ten minutes, maintain high energy densities even at low temperatures, and deliver high power across a cycle life of more than 10,000 cycles.
Applications powered by XNO® include battery electric and hybrid trains, mining haul trucks, opportunity-charging e-buses, heavy-duty industrial transport and delivery vehicles. Echion XNO® materials are based on proprietary mixed niobium oxide compositions and microparticle designs protected by 13 international patent families and are now being scaled up to the multi-thousand tonnes/year production scale.
Niobium manufacturing facility
Its longstanding partnership with the world’s leading producer of niobium, CBMM, will see the opening of a 2,000 tonne per year XNO® manufacturing facility this year. This provides Echion with the manufacturing capacity to satisfy the large and growing demand for XNO® across its global customer base comprised of major cell manufacturers and original equipment manufacturers (OEMs).
Rodrigo Barjas Amado, Managing Partner and Commercial Head of the 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 tonnes per year manufacturing capacity.”
What do we think about Echion Technologies?
The UK-based innovator in niobium-based, fast-charging battery materials, has secured $35 million. Their XNO® anode material promises rapid charging, high energy density, and durability. With strong backing from investors and the opening of a new manufacturing facility, Echion is poised to revolutionise battery technology for industrial and commercial applications.
