Li-ion roars as Echion secures £10m investment

Echion says the latest funding will enable the business to accelerate the speed at which its network of partnered cell manufacturers is able to produce commercially available cells which utilise its innovative niobium-based XNO® anode material.

The raise will also support Echion’s growth in key markets by providing additional resources to connect cell manufacturers with industrial OEMs. This will see XNO® utilised in more real-world applications, at volume, in the near future.

Echion’s XNO® niobium-based anode material enables lithium-ion (Li-ion) batteries to safely fast charge in less than 10 minutes, maintain high energy densities even at extreme temperatures, and deliver high power across a cycle life of more than 10,000 cycles.

XNO® has been specifically engineered to allow electrified heavy-duty industrial, commercial and mass-transport vehicles to operate with the highest productivity and lowest total cost of ownership.

XNO® is available at scale thanks to Echion’s manufacturing partnership with the world’s leading producer of niobium, CBMM. Echion has just opened the world’s largest niobium-based anode production facility, capable of producing 2000 t/year of XNO®, equivalent to 1 GWh of Li-ion cells.

This will enable the company to meet the significant demand for XNO® across its global customer base of cell manufacturers and OEMs.

Echion CEO, Jean de La Verpilliere, said: “This investment by Barclays and BGF is strong recognition of the value delivered by XNO®. By utilising XNO®, cell manufacturers can deliver the most-innovative, sustainable, and high performing batteries to facilitate the effective electrification of heavy-duty vehicles.

“It is gratifying to have some of the world’s leading investors support our ambitions and cement their belief in XNO® by investing significant capital. Their investment will enable us to take the next major step forward in our fast-moving company journey.”

Steven Poulter, Head of Principal Structuring and Investments, Barclays, adds: “Echion’s leading battery technology is unlocking a long-awaited, economically-viable means of decarbonising heavy-duty vehicles by electrification.

“By producing fast-charging, high power batteries with minimal deterioration over a life cycle, Echion have overcome the performance and affordability challenges which have prevented electrification of heavy-duty fleets to date.”

BGF is one of the most active investors in the fields of climate tech having invested in over 30 climate and sustainability-focused companies, providing more than £200 million to support businesses tackling issues such as decarbonisation, resource efficiency and environmental improvement.

Dennis Atkinson, investor at BGF, said: “Echion's innovative approach to battery technology and their commitment to sustainability aligns perfectly with our values and investment strategy. We believe that Echion's cutting-edge XNO® technology is set to play a key role in electrifying and decarbonising heavy transport and we are pleased to continue our support, having first invested in 2021.”

Echion was named Tech Scale-Up champion at September’s Business Weekly Awards.