Nyobolt hits accelerator with massive cash spurt
The UK trailblazer reports more than $9 million in revenue in 2024 – a 100X growth from 2023 – driven largely by customer contracts in AI-driven industrial automation.
Nyobolt makes unique high-power batteries with ultra fast charging times and is a world leader in its sphere of activity in a mega-billion dollar market segment.
The company is on track to achieve revenue growth of over 300 per cent in 2025 thanks to increasing demand in AI infrastructure and heavy-duty sectors which require extreme power density and fast charge battery solutions with a longer operating life.
Poised to announce new agreements in the first quarter of 2025, set for manufacturing growth in the East of England and to significantly increase headcount, the business has made significant progress in commercialising its proprietary battery technology to build on a transformative 2024.
Revenue-generating customer contracts coupled with improving operational efficiency and strong financial management enabled Nyobolt to achieve positive cash generation in some quarters late last year. Preliminary revenue figures for 2024 are indicated to exceed $9m – over one hundred times higher than 2023.
CEO Dr Sai Shivareddy said: “Significant progress has been made this year. The growing team here at Nyobolt and our investors are excited about the transformation and achievements and, crucially, the promising outlook for both short and long term.
“In 2024, Nyobolt secured additional customers across AI driven industrial automation, heavy-duty off-road and robotics sectors – a testament to the growing demand for our industry-leading technology in high-power, high-uptime industries. This remarkable performance underscores the strength of our innovative solutions and increasing recognition.”
To support demand, the business plans to increase headcount to drive further growth and product application. In addition, Nyobolt’s first UK manufacturing site is now on stream in Haverhill. The current headcount there will rise from 12 to 25-30 by 2026 and eventually up to 70 jobs.
Whilst electric vehicles represent a long-term opportunity for Nyobolt – the business is in talks with eight vehicle manufacturers for its revolutionary fast-charge battery solutions.
Its focus on AI driven industrial automation, where high uptime and productivity are essential to profitability and customer satisfaction, is where demand is strongest for its advanced energy storage solutions.
“Nyobolt’s technology serves a wide range of applications built on a vertically-integrated battery value chain, demonstrating the potential to transform industries across the board,” adds Shivareddy.
“Our improved operating performance supports the demand for higher uptime and unparalleled cycle life, delivering the lowest total cost of ownership to our customers.”
