University of Cambridge has taken part in a $13.9m series A round for its spinout Echion Technologies.
Echion Technologies, a UK-based developer of materials for lithium-ion batteries based on research at University of Cambridge, has raised £10m ($13.9m) in a series A round backed by the institution.
Niobium products supplier CBMM and BGF co-led the round, which additionally included Origin Capital and unnamed existing backers.
Echion Technologies is working on materials that combine fast-charging capability, cost efficiency and high energy density for lithium-ion batteries.
The money will allow Echion to scale its production to multi-tonne level as it moves towards commercial adoption. It will also support customer support, commercial and research and development activities.
Chris Gibbs, investment manager at tech transfer office Cambridge Enterprise, said: “Having supported Echion right from the start of its journey to commercialise its novel lithium-ion battery technology, Cambridge Enterprise is delighted to see it complete this significant funding round.
“Echion is now in a very strong position to deliver on the team’s robust commercial traction and make a significant impact in the industry.”
Newable Private Investing injected $148,000 in May 2020, having already contributed to a $1.9m round in 2018 that included Cambridge Enterprise, and Origin Capital.
