Nyobolt Raises £22.6M to Commercialise Ultra-Fast-Charging Battery Technology

Nyobolt, the Cambridge-based battery technology company, has raised £22.6 million to scale its ultra-fast-charging battery systems. The round was led by IQ Capital Fund and Latitude, with strategic investment from Scania Invest, the investment arm of the Swedish truck manufacturer, and Takasago Industry, a Japanese specialist in thermal management components.

Nyobolt was founded in 2020 as a spin-out from the University of Cambridge, built on research from the laboratory of Dame Clare Grey — one of the world’s leading electrochemists and a pioneer of battery materials research. The company’s co-founder and CEO is Martin Frost, who brings commercial scale-up experience alongside Dame Clare’s deep scientific expertise.

The core problem Nyobolt addresses is fundamental: existing lithium-ion battery chemistries force a trade-off between fast charging and battery longevity. Rapid charging generates heat and stress that degrades batteries over hundreds of cycles. Nyobolt’s proprietary niobium oxide anode chemistry sidesteps this degradation mechanism, enabling batteries to charge from 0 to 100% in under five minutes — across thousands of cycles — without meaningful capacity loss.

This capability is particularly valuable in high-utilisation applications: commercial and industrial electric vehicles that need to be recharged multiple times per shift, power tools used in professional settings, and robotics or automated guided vehicles in warehouse environments. Scania’s strategic participation signals strong interest from heavy transport operators, who cannot tolerate the downtime associated with long charging windows.

The £22.6 million raise will fund manufacturing scale-up at Nyobolt’s Cambridge base, the certification of its battery products for key industrial applications, and the build-out of its commercial team as it moves from development into deployment.

Sources

• Nyobolt company website (March 2025)