Cambridge-based Echion Technologies raises £29 million in Series B investment round | Cambridge Network
Summary
The investment will enable Echion to execute its go-to-market strategy to see its innovative niobium-based XNO\xae anode material utilised in real world applications, at volume. Echion is Voltas first investment into a European headquartered company and having Volta as the lead Series B investor highlights Echion as a rising British battery technology business within the crucial global energy storage industry.Echions longstanding partnership with the worlds leading producer of niobium, CBMM, will see the opening of a 2,000 tonne per year XNO\xae manufacturing facility this year. The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialisation and full production volume.The entire Echion team has worked tirelessly to develop our flagship XNO\xae material into what it is today and this has enabled us to establish partnerships with many major OEMs and cell manufacturers which have recognised the benefits of our materials. We believe the power of XNO\xae can uniquely improve performance, lower cost, and meet the demands of the growing, international markets across mining, logistics, railways, automotive and more.Rodrigo Barjas Amado, Managing Partner and Commercial Head of Battery Program at CBMM, said: Having invested in Echion since 2021, we are pleased to see the progress that has been made through our partnership so far and we are proud to support bringing this ground-breaking, niobium-based technology to the market with our 2,000 tonne per year manufacturing capacity.Chris Gibbs, Investment Director at Cambridge Enterprise Ventures, said: "Echion is entering the market with their next generation battery material at scale. Applications powered by XNO\xae include battery electric and hybrid trains, mining haul trucks, opportunity-charging e-buses, heavy-duty industrial transport and delivery vehicles.