Anaphite aims to revolutionize electric battery manufacturing with its innovative technology, receiving a significant financial boost.
- The Bristol-based company has secured £10.4m in Series A funding to scale operations and expand its technology.
- This funding round was co-led by prominent venture capitalists, World Fund and Maniv, alongside other climate-focused investors.
- Anaphite plans to use the investment to commission a new plant, create new jobs, and enhance its R&D efforts.
- The company’s technology promises to reduce costs and emissions in electric vehicle battery production.
In a strategic move to transform the electric vehicle battery industry, Anaphite, a Bristol-based technology firm, has successfully raised £10.4 million. This influx of capital marks a pivotal moment for Anaphite as it sets the stage to scale up its innovative operations. Launched in 2018 by Sam Burrow and Alexander Hewitt, the company focuses on reducing manufacturing costs and energy consumption in EV battery production.
The recent funding round was notably co-led by World Fund, a European climate venture capital firm, and Maniv, a global early-stage VC. Supporting this initiative, other climate-conscious investors like EEI and Nesta joined, alongside existing partners such as Elbow Beach Capital and Wealth Club. The confluence of these investors underscores the broad confidence in Anaphite’s potential to disrupt the industry.
Anaphite’s forward-thinking approach includes leveraging the new funds to establish a plant, which will not only help in scaling operations but also in job creation and furthering research and development. This aligns with their commitment to expanding their technology portfolio and enhancing production processes.
A noteworthy aspect of Anaphite’s journey is its origin story, which began as a student project at the University of Bristol. The founders, Burrow and Hewitt, started their venture with a modest £60,000 pre-seed funding and have since made significant strides, including securing £2.7 million in seed funding by 2021. Their technological advancements were further proven in collaboration with the University of Warwick, where they demonstrated the feasibility of their composites in dry coating applications.
Joe Stevenson, appointed as CEO following a successful £4.1 million fundraise in mid-2022, remarked on the importance of the latest investment. He stated, ‘Securing capital from investors that are renowned specialists in mobility, energy, and environmental investment around the world, is a huge validation moment for Anaphite, and affords us the resources to extend our technical lead in the market.’
Anaphite has consistently pushed the boundaries of what was believed achievable in the industry. As Mr. Burrow noted, ‘We’ve achieved things the industry has previously thought impossible.’ This sentiment encapsulates the company’s forward momentum and its commitment to innovation.
Anaphite’s substantial funding marks a crucial step towards revolutionizing the electric vehicle battery manufacturing landscape.
