Battery materials firm Echion raises £29 million in series B investment round

Leading developer of niobium-based, fast-charging battery materials Echion Technologies has recently completed its series B funding round, raising about £29 million in investment capital. The round was led by battery and energy storage technology investor Volta Energy Technologies (Volta), with participation from existing investors such as CBMM, BGF, and Cambridge Enterprise Ventures.

The investment will enable Echion to execute its go-to-market strategy to see its innovative niobium-based XNO® anode material utilized in real world applications at volume, according to the UK-based firm. 

Echion is Volta's first investment into a European headquartered company. Having Volta as the lead series B investor highlights Echion as a rising British battery technology business within the crucial global energy storage industry, the company adds. 

Further, Echion's longstanding partnership with the world's leading producer of niobium - the CBMM - will see the opening of a 2,000 tonne per year manufacturing facility for the 'XNO' active anode material this year. 

This provides the battery materials firm with the manufacturing capacity to satisfy the large and growing demand across its global customer base comprised of major cell manufacturers and OEMs.

Jean de La Verpilliere, CEO of Echion Technologies, commented on the development, "Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles. The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialization 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", he added. 

Echion's niobium-based anode material XNO 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 material allows 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, the company claims.