Newable Private Investing syndicate super charges Echion Technologies’ £1.5m investment round
27th November 2018
Echion Technologies, a spin out from the University of Cambridge Engineering Department, has closed a £1.5m investment round.
The round was led by Cambridge Enterprises and included a £300k investment from a syndicate of Newable Private Investing (NPI) investors, including the Newable Ventures Scale Up Fund 2018. The company is commercialising superfast charging lithium-ion battery cells for a variety of applications including electric vehicles. The patented core technology is based on a novel anode material which enables super fast battery charging with no compromise on battery energy or density. The equity investment has been supplemented by an additional £600k Innovate Grant. The company is planning to use this round of funding to demonstrate a vehicle-ready battery cell within the next 18 months.
Michael Walsh, NPI Managing Director, comments, “as the market for electric vehicles continues to mature, the need for more efficient charging solutions becomes more pressing. Echion Technologies is developing a solution which has the potential to materially improve the performance of lithium-ion batteries and disrupt this market. We now look forward to working closely with this highly talented management.”