UK-based battery materials developer Echion Technologies announced Thursday it has raised $35 million in investment capital. The series B round was led by battery and energy storage technology investor Volta Energy Technologies, with participation from existing investors CBMM, BGF and Cambridge Enterprise Ventures.
The investment will enable Echion to execute its go-to-market strategy to see its niobium-based XNO anode material used in real world applications at volume, the company said.
Echion is Volta’s first investment into a European-headquartered company.
The partnership with CBMM will see the opening of a 2,000-tonne-per-year XNO manufacturing facility this year. This provides Echion with the manufacturing capacity to satisfy demand across its global customer base comprised of major cell manufacturers and original equipment manufacturers, the company said.
“Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles [and] to achieve full-scale commercialization and full production volume,” Echion Technologies CEO Jean de La Verpilliere said in a news release.