Echion Technologies’ £29m Series B success puts XNO-enabled batteries in driving seat
Echion Technologies is set to roll out its innovative niobium-based XNO anode material for use in real-world applications, at volume, after raising £29million in a successful Series B funding round.
Since incorporation in 2017 Echion has devised, tested and patented 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.
The Sawston-based company has also developed a long-standing partnership with the world’s leading producer of niobium, CBMM, which 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 of major cell manufacturers and original equipment manufacturers (OEMs).
Demand is expected from sectors including automotive, transportation, premium consumer electronics, and grid-storage applications.
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.”
The £29m round was led by specialist battery and energy storage technology investor Volta Energy Technologies (Volta), with participation from existing investors CBMM, BGF, and Cambridge Enterprise Ventures. Echion is Volta’s first investment into a European headquartered company and having Volta as the lead Series B investor highlights Echion as a rising British battery technology business within the crucial global energy storage industry.
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.”
The raise is something of a triumph for the CEO and co-founder of Echion Technologies, Jean de La Verpilliere, who spun the company out of Cambridge University in 2017.
“Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles,” said Jean. “The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialisation and full production volume.
“The entire Echion team has worked tirelessly to develop our flagship XNO material into what it is today and this has enabled us to establish partnerships with many major OEMs and cell manufacturers which have recognised the benefits of our materials.
“I look forward to being able to satisfy their demand for innovative niobium-based anode materials, and to see industrial and commercial applications powered by XNO.”
