Cambridge electric car battery maker warns it could run out of cash within months
A British company that makes electric car batteries that charge in five minutes has warned it could run out of cash by March unless it secures new funding.
Nyobolt, a Cambridge University spin-out that raised £50m from investors two years ago, has burned through and is now looking for cash.
A few months ago, the company launched an electric car with a range of 155 miles that can charge from 10 to 80 batteries in 5 minutes.
A series of British and European battery companies have tried to challenge China’s prowess in battery technology, but many have failed to turn a profit.
Nyobolt’s latest accounts, signed in November, said the company had revenue of £67,000 in 2023 and a loss of £20m.
This led to bosses warning: “The group will run out of money if it cannot raise funds.” [late in the first quarter of 2025]”.
However, since the accounts were published, Nyobolt said it had signed new contracts to enable it to continue trading beyond March, while also claiming it was on the cusp of new funding.
A spokesman said: “The accounts quoted go back to 2023 and do not reflect the progress we have made and where we stand today.
“Since then, Nyobolt has launched new products and demonstrated a fully working prototype demonstrating our ultra-fast charging battery technology.
“In 2024, Nyobolt begins to earn revenue from customers with contracts worth over $120 million (£97 million). We will announce additional contracts in the first quarter of 2025.
“Looking forward, we will continue to raise funds from existing and strategic investors, and the next round of financing is about to close, which will allow us to achieve profitability in 2025.
Nyobolt says it is in talks with eight carmakers about using its battery technology in electric supercars.
The company’s technology uses a patented compound that allows the battery to charge faster than traditional batteries without the risk of overheating.
In June, the company demonstrated a customized car that can charge to 80% in less than five minutes, twice as fast as existing cars on the market, and promised that electric vehicles can be charged almost as fast as gasoline vehicles. Just as fast.
Faster charging times make it easier for vehicles to refuel, which could mean cars with smaller batteries and lower range because drivers are less willing to stop to recharge, the report said. This could reduce the cost of electric vehicles, of which batteries are an important component.
Its technology is already used in areas such as factory robots, where fast charging is used to limit downtime.
