Echion Technologies, Cambridge, UK, Is Pleased To Announce Completion Of £10M Series-A Funding Round
CAMBRIDGE, England, Aug. 24, 2021 /PRNewswire/ -- Echion Technologies ("Echion") is a leading developer of next generation materials for Lithium-Ion batteries. Its products deliver a unique combination of fast-charging capability, cost-effectiveness, and high energy density; vital for the world's shift towards decarbonisation through pervasive electrification.
The Series-A funding round has been led by CBMM - the world's leading supplier of niobium products and BGF - the UK & Ireland's most active and dynamic investor of equity capital in growth economy companies, with the University of Cambridge, Origin Capital and other existing shareholders also taking part.
Richard Pugh, Investor at BGF, who joins the Board of Echion says: "Echion has huge potential to use its cutting-edge battery chemistry technology to accelerate the adoption of batteries in a range of applications. BGF is convinced that batteries will play a critical role in the energy transition, and identified that Echion's technology brings significant benefits in key areas such as fast-charging or high-power applications."
"This funding round will support an exceptional management team in completing the final push to commercial adoption, working in parallel with a range of very high quality stakeholders for instance recent joint projects with Johnson Matthey, and a number of other high profile international customers."
This increases BGF's investment in companies engaged in carbon reduction and the energy transition to £230m, and comes shortly after the announcement of a Clean Growth Advisory Board chaired by Baroness Brown of Cambridge.
Echion's materials have been successfully evaluated by major battery cell and battery materials manufacturers around the world, who are now moving forward to larger scale trials. This financing will allow Echion to scale-up to multi-tonne level material production, demonstrating high-yield, cost effective manufacturability as well as to supply the growing demand for material for pre-production trials.
Rodrigo Amado, Head of Strategy and New Ventures at CBMM says: "This partnership is part of our global strategy to accelerate the time to market of our Battery Materials Business front and bring to market an innovative niobium applied technology that will truly transform the way the world moves. Together, CBMM and Echion will advance towards sustainable mobility by offering ultra-fast charging batteries that have greater stability and longer life. We are optimistic and believe that these new products will be available within the next year."
The funds will also be used to strengthen customer support, commercial and R&D operations.
Echion CEO Jean de La Verpilliere said: "We are tremendously excited to start the next stage in our journey to bring the Echion Mixed Niobium Oxide products to market. We have great synergies within our investor base, and will keep building a world-leading team to deliver exceptional performance to our customers. We look forward to creating value for our partners and contributing to making superfast charging batteries a reality."
Echion is keen to hear from other cell or battery material manufacturers who also wish to evaluate its products.
Chris Gibbs, Investment Manager at Cambridge Enterprise said: "Having supported Echion right from the start of its journey to commercialise its novel lithium-ion battery technology, Cambridge Enterprise is delighted to see it complete this significant funding round. Echion is now in a very strong position to deliver on the team's robust commercial traction and make a significant impact in the industry."
About Echion Technologies:
Echion is a world-leading developer of advanced lithium-ion battery materials, whose products enable cell manufacturers to deliver cost-effective, fast-charging, high-energy density and long-life power cells for a wide range of markets including automotive, transportation, premium consumer electronics, and grid-storage applications.
Echion provides materials and battery cell manufacturers with packages of protected intellectual property, customisation options, materials synthesis and cell integration know-how and for different end-user markets.
See: www.echiontech.com
About CBMM:
World leader in the production and commercialization of Niobium products, CBMM has more than 400 customers in 40 countries. Headquartered in Brazil, with offices and subsidiaries in China, the Netherlands, Singapore, Switzerland and the United States, the company supplies products and technology to the infrastructure, mobility, aerospace and energy sectors. Founded in 1955, in Araxá, Minas Gerais, CBMM has a technology program that expands Niobium applications and contributes to the growth and diversification of this market.
About BGF:
BGF was set up in 2011 and has invested over £2.5bn in more than 400 companies, making it the most active growth capital investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 16 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF's approach and funding model.
See: www.bgf.co.uk.
About Cambridge Enterprise:
Part of the University of Cambridge, Cambridge Enterprise supports academics, researchers, staff, and students in achieving knowledge transfer and research impact.
We facilitate knowledge transfer by helping innovators, experts, and entrepreneurs to use commercial avenues to develop their ideas and expertise for the benefit of society, the economy, themselves, and the University.
Liaising with organisations both locally and globally, we offer expert advice and support in commercialisation and social enterprise, including help with academic consultancy services; the protection, development, and licensing of ideas; new company and social enterprise creation and seed funding.
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Contact:
Ben Ting
Ben.Ting@echiontech.com
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