Echion Secures £29m for Niobium Battery Technology

Echion Technologies, a UK-based company, has recently announced a successful fundraising round amounting to £29 million (€35 million, $37 million) to support the development of its innovative niobium-based fast-charging battery material.

This significant funding injection will allow Echion to ramp up the production of its XNO niobium battery anode material, paving the way for its integration into various real-world applications on a larger scale.

The Series B funding round was spearheaded by Volta Energy Technologies, a specialized investor in battery and energy storage technology, with contributions from existing backers including CBMM, BGF, and Cambridge Enterprise Ventures.

Notably, this investment marks Volta Energy Technologies' first foray into backing a European-headquartered company, underscoring Echion's emergence as a prominent player in the British battery technology sector. The funding round was officially unveiled in September 2023.

The XNO anode material developed by Echion features a unique blend of proprietary mixed niobium oxide compositions and microparticle designs shielded by 13 international patent families. This groundbreaking technology enables lithium-ion batteries to charge rapidly in less than ten minutes, maintain exceptional energy densities even in low-temperature environments, and deliver robust power output over a cycle life exceeding 10,000 cycles.

Dr. Jeff Chamberlain, the CEO and Founder of Volta, expressed enthusiasm about leading Echion's Series B funding round, stating, "Echion and their XNO technology align well with our expanding portfolio of solutions that address critical market needs by revolutionizing battery and energy storage technology supply chains. We believe that the transformative power of XNO can significantly enhance performance, reduce costs, and cater to the evolving demands of diverse international markets spanning mining, logistics, railways, automotive, and beyond."

CBMM, a global leader in niobium supply, is set to inaugurate a production facility for XNO with an annual capacity of 2,000 tonnes later this year. This strategic move will provide Echion with the necessary manufacturing capabilities to serve its extensive customer base comprising major cell manufacturers and original equipment manufacturers (OEMs) worldwide.

Commenting on the company's vision, Jean de La Verpilliere, CEO of Echion Technologies, emphasized, "Our goal is to deliver top-tier fast-charging batteries to drive the electrification of heavy-duty vehicles. The backing from our partners, including Volta Energy Technologies, CBMM, BGF, and Cambridge Enterprise Ventures, solidifies our commitment to achieving full-scale commercialization and meeting production targets."

He added, "The entire Echion team has dedicated immense effort to refine our flagship XNO material, leading to successful partnerships with numerous major OEMs and cell manufacturers who recognize the advantages of our innovative materials. We are eager to meet their demand for cutting-edge niobium-based anode materials and witness the deployment of industrial and commercial applications powered by XNO."

Rodrigo Barjas Amado, Managing Partner and Commercial Head of Battery Program at CBMM, reflected on the collaboration, stating, "Having been involved with Echion since 2021, we are delighted to witness the progress achieved through our partnership. We take pride in supporting the introduction of this groundbreaking niobium-based technology to the market, leveraging our 2,000-tonne annual manufacturing capacity."

Noteworthy applications powered by XNO encompass a wide array of sectors, including battery electric and hybrid trains, mining haul trucks, opportunity-charging e-buses, as well as heavy-duty industrial transport and delivery vehicles.

For more information about Echion Technologies and its innovative XNO battery material, visit www.echiontech.com.