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Anaphite Secures £1.6M for Battery Tech Revolution

Bristol-based battery technology firm Anaphite secured a remarkable £1.6 million today
March 14, 2024

In a significant stride toward sustainable energy, Bristol-based battery technology company Anaphite announced today the successful raising of £1.6 million. This funding round comprises £685,000 in grant funding from the Investor Partnerships Future Economy programme and over £880,000 committed by private investors, including Elbow Beach Capital, Wealth Club, Bristol Private Equity Club, and several angel investors.

Anaphite stands at the forefront of battery innovation, offering a chemistry-based approach to manufacturing batteries that are not only more sustainable but also promise faster charging and lower costs to power the electric vehicle (EV) transition.

Central to Anaphite's groundbreaking technology is its proprietary process, which produces fully formulated 'Dry Coating Precursor powders' tailored to customer specifications. This advancement enables a shift from energy-intensive solvent-based manufacturing processes to dry processes without compromising battery performance.

Traditionally, batteries represent a significant portion, up to 30 percent, of an EV's total cost. However, with the industry's shift towards 'dry' processes, Anaphite's technology is poised to transform battery production. These dry processes eliminate the need for cathode drying ovens and can reduce energy requirements for electrode manufacturing by up to 90 percent, significantly cutting the carbon footprint of battery production and avoiding the use of harmful solvents.

Anaphite's tailored powders enable safe battery formulations using dry processes while maintaining optimal product performance. By unlocking the benefits of the dry coating process, Anaphite aims to slash the cost of battery cell manufacturing by up to 40 percent, thereby enhancing the affordability of EVs and expediting their widespread adoption.

Joe Stevenson, CEO of Anaphite, expressed confidence in the company's trajectory, stating, "Anaphite has built a very strong IP position and expert teams working in electrochemistry, process chemistry, and chemical engineering. We are now working alongside our customers to tailor our formulations for their dry coating processes, with a clear path to establishing a very valuable business."

The grant funding, established by Innovate UK in partnership with UK Research and Innovation's Faraday Battery Challenge, will enable Anaphite to accelerate the development of its dry-coating technology, driving down the cost of EV battery manufacturing. An industrial advisory board will provide guidance, ensuring the robustness and efficacy of Anaphite's processes.

Jon Pollock, CEO of Elbow Beach Capital, emphasized the significance of Anaphite's technology in accelerating EV adoption, stating, "We are delighted to have supported Anaphite in winning this grant funding, which will accelerate the rollout of their technology, a real enabler for accelerating EV adoption."

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