A British electric vehicle battery manufacturer has clarified its position on the company’s future after financial statements warned it could be in a difficult place.
Nyobolt, which has spent around £50million of investor funding raised two years ago, is now urgently seeking fresh capital to continue operations, despite reassurances from its CEO.
The company’s financial warning comes just months after it showcased a breakthrough 155-mile electric vehicle capable of charging in just five minutes.
While the company’s latest accounts highlighted a potential cash shortfall by the end of the first quarter of 2025, CEO Sai Shivareddy clarified that Nyobolt was working on manufacturing its ultra-fast charging technologies, which will provide a major boost to the Cambridge-based company.
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The Nyobolt EV sportscar prototype can charge from 10 to 80 per cent in five minutes
NYOBOLT
The company’s financial struggles are evident in its 2023 performance, where it recorded a £20million loss against revenues of just £67,000.
The situation mirrors challenges faced by other European battery manufacturers, with British firms like Britishvolt and AMTE Power, along with European company Northvolt, all struggling to compete against rivals in Asia.
None of these companies have managed to achieve profitability in their attempts to challenge China’s dominance in battery technology.
In a statement, Sai Shivareddy, CEO of Nyobolt, said: “The accounts quoted date back to 2023 and are not reflective of how far we have come and our position today. Since then, Nyobolt has launched new products and revealed a fully working prototype vehicle demonstrating our ultra-fast charging battery technology.
Nyobolt has demonstrated impressive charging capabilities over the last year
NYOBOLT
“In 2024 Nyobolt started earning revenues from customers and have contracts valued over $120million (£95.9million). We will be announcing further contracts in Q1 2025. For sectors such as logistics, Nyobolt is the missing piece in the jigsaw to unlock high uptime and maximise operational efficiency.
“In addition, we have now commenced manufacturing of our revolutionary, fast charging battery material at Haverhill, UK.
“Our cells supplies have already commenced and are being incorporated into customer products. Looking ahead, we continue to raise funds with both current and strategic investors, with the next round closing imminently, which will see us through 2025 and into profitability.”
Despite its financial challenges, Nyobolt’s technology has shown incredibly impressive capabilities in recent testing.
CEO Dr Sai Shivareddy with the Nyobolt EV sportscar prototype
NYOBOLT
Initial vehicle trials using 350kW DC fast chargers demonstrated that its 35kWh battery can charge from 10 per cent to 80 per cent in just four minutes and 37 seconds.
This charging speed is twice as fast as the quickest-charging vehicles currently available on the market. The prototype vehicle achieves a range of 155 WLTP miles on a full battery charge.
During the first four minutes of charging at a constant current of 500A, the vehicle can gain 120 miles of range.
The company’s patented compounds allow for rapid charging without the risk of overheating, a common concern with fast-charging batteries.
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The Nyobolt battery charges quicker than all other major EV manufacturers
NYOBOLT
Nyobolt’s 24.5Ah cells have completed over 4,000 full charge cycles while maintaining more than 80 per cent battery capacity. This equates to a potential lifespan of over 600,000 miles when used in their EV battery pack.
Dr Sai Shivareddy, Nyobolt’s co-founder and CEO, said: “Despite some OEMs showing fast charge times in the region of 15 minutes, a closer inspection reveals the charge is usually across a limited SOC region specifically chosen to limit the amount of life taken out of the cell.”
Nyobolt is currently in discussions with eight car manufacturers about implementing its technology in an electric supercar.
