Anaphite, a Bristol-based startup, has successfully raised £10.4m in its latest funding round, aiming to innovate the electronic vehicle (EV) battery industry.
- The company was co-founded in 2018 by Sam Burrow and Alexander Hewitt, focusing on reducing energy use and manufacturing space in battery production.
- Anaphite’s technology reportedly allows for a 30% reduction in energy consumption and saves 85% of factory floor space in producing battery electrodes.
- The funding was led by the World Fund and Maniv, with significant contributions from other notable investors.
- Joe Stevenson, former commercial director at Johnson Matthey, has been appointed as CEO to lead the company’s growth efforts.
Anaphite, a trailblazer in EV battery technology based in Bristol, has successfully raised £10.4 million in a new funding initiative. This venture, founded in 2018 by the adept chemist Sam Burrow and skilled physicist Alexander Hewitt, aims to revolutionize battery production by making it both cost-effective and environmentally friendly.
The company’s pioneering chemical composting technique, developed to dry coat high-performance electrodes, is noteworthy. According to Anaphite, their innovative technology can cut down the energy needed for battery manufacturing by 30%, while also reducing the typical factory space required for cell production by 85%. This leap in efficiency is a significant step forward in sustainable manufacturing practices.
Alexander Hewitt articulated the pressing demand for innovation in the manufacturing of Li-ion battery electrodes, stating, ‘Li-ion battery electrodes have been produced at scale the same way for decades, and with the advent of the sustainable energy revolution, there is an acute hunger for change and improvement in the industry.’ This underscores the company’s commitment to addressing long-standing inefficiencies in the industry.
Initially incubated at the University of Bristol, Anaphite managed to secure £60,000 for their product’s development phase. Post its inception, the company has attracted investment through various avenues, supplemented by grants. This support included a feasibility study conducted collaboratively with the University of Warwick.
The recent funding round saw major financial backing from leading investors such as the World Fund and Maniv, alongside EEI, Nesta, Elbow Beach Capital, and Wealth Club. The aggregated financial resources are expected to propel Anaphite’s market reach and further technological advancements.
Anaphite’s recent appointment of Joe Stevenson, a seasoned executive formerly at Johnson Matthey, as CEO, marks a strategic move to steer the company towards expansive growth. The team’s efforts are not unrecognised, as expressed by World Fund partner Craig Douglas, who praised Anaphite’s market-leading technology as essential for transitioning towards an eco-mobility future.
Anaphite is poised to become a pivotal force in the EV battery sector, leveraging its innovative technology and strong market backing to drive industry transformation.
