Nyobolt recharges its cash batteries with $180m boost and targets $multibillion markets

The $30m  investment has come in from IQ Capital, Latitude – the sister fund of LocalGlobe – Scania Invest in Sweden and Takasago Industry in Japan.

The funding will fuel Nyobolt’s technology development and market expansion, including providing battery technology for power-hungry data centres.

The financial vote of confidence comes as demand for high-power energy solutions surge on the wings of AI growth.

Nyobolt was the first company to successfully charge an EV battery to 80 per cent in under five minutes; its Cambridge University-born technology offers high power density and supercharging without degradation.

The company, founded in 2019 and an early entrant in the 35th Anniversary Business Weekly Awards, is now developing high-density power systems to meet the unprecedented 10x power demands of the rapidly growing AI data centre market which is expected to reach $500 billion in five years.

Sai Shivareddy, Co-Founder and CEO, says Nyobolt’s high-power electrified energy solutions are already helping to fuel decarbonisation and reduce downtime across industrial sectors to zero.

Its fast-charge systems are deployed in AI warehouses and heavy-duty vehicles – and there’s a whole lot more to come as the business expands its global footprint.

With Boston US and Cambridge UK facilities, Nyobolt has already secured more than $150m in contract value and the new investment follows the company hitting $9 million+ in revenues in 2024.

The funding, which brings the total raised to date to $100m, will accelerate the advancement of Nyobolt’s proprietary technology, fuel market expansion, grow its team and cement its position as the industry leader in ultra-fast power systems.

Power-intensive sectors like AI automation, heavy-duty transport and data centres are under increasing pressure to cut emissions while also keeping systems running 24/7.

At the same time, only 20 per cent of solutions across these sectors are currently electrified. Meanwhile, data centre outages alone average $9,000 per minute in lost revenue, while new GPU-powered AI data centres are disrupting the quality of life for nearby communities, threatening billions of dollars worth of damage. These pressures are only set to worsen as AI pushes up global power demand by 165 per cent by 2030.

Nyobolt’s energy storage and fast-charging technologies are not only closing this gap but are setting the new industry standard. By delivering up to 20x more power, charging in minutes and cutting downtime for even the most power-intensive applications to zero, Nyobolt enables peak performance without compromise. And it does so while using fewer natural resources compared to traditional lithium batteries.

At the core of this breakthrough is Nyobolt’s proprietary anode material. Born out of groundbreaking cell chemistry research, Nyobolt’s systems are capable of reaching higher power density and supercharging capabilities, without degradation – overcoming the most critical limitations of conventional technologies.

These power and performance improvements have already seen Nyobolt’s solutions deployed in AI-powered warehouses and heavy-duty vehicle applications.

The company is now positioned to triple its revenue figures. To meet unprecedented AI data centre power demand, the company is currently developing high-density power systems to address the 10x power requirements driven by such AI growth.

Sai Shivareddy, Co-Founder and CEO of Nyobolt, said: “The world is experiencing an unprecedented demand for power, not only to decarbonise heavy industries but to provide enough resources to handle the surge in AI infrastructure.

“The energy status quo can’t and shouldn’t sustain these demands. Our vertically integrated technology is already positively impacting customers, enabling them to experience stable, fast charge solutions when they need them the most.

“I’m delighted to have the confidence of our customers and investors as we further strengthen our mission to push the boundaries of ultra-high-power solutions.”

Max Bautin, Co-Founder and Managing Partner at IQ Capital, said: “Nyobolt has achieved what so few companies can do: translating deep tech research from the lab into a global, impactful business.

“In just a few short years they have become the go-to provider of high-power density solutions for AI warehouse operations and heavy-duty vehicles.

“Now with the advent of the AI revolution, they are in prime position to become the backbone of critical AI infrastructure. We’re continuing to support Sai and the Nyobolt team as they take on this ambitious challenge not just as a company but the whole energy sector.”

South America

Sai Shivareddy jets off to South America in May to explore the massive potential for the business in the mining industry.

He expects a warm welcome in Chile as he sets out the potential energy savings for the often massive trucks used in the industry if they adopt Nyobolt's high-power, ultrafast charging technologies.

The CEO told me in an interview following the latest raise that Nyobolt is focusing on measured growth across a range of hand-picked sectors and is determined not to overstretch having built momentum at a steady pace since spinning out of Cambridge University.

The business has engineered huge openings globally across industries and Shivareddy is determined not to waste the opportunities – especially in the data centre market which is worth multibillions.

He is also acutely aware of optimising resources rather than wasting them so splashing the cash Nyobolt has accumulated is not an option. Shivareddy well recalls the early 2020s when a lot of companies found investors plying them with cash - and promptly burning through it at a rate of knots.

He feels he owes it to the health of the business, its strong board and growing workforce to use funds wisely. Shivareddy cites the examples of Arm, Marshall, Domino in ink jet and others as proof that the long game works.

Operating in markets where sustainability is all further underpins the Nyobolt model. Shivareddy says the current tricky trade climate worldwide demands a more measured approach to using resources wisely.

He exudes a sense of responsibility in everything Nyobolt does against a tricky backdrop where soaring power demands are putting pressure on many industries, most notably the data centre market in which Nyobolt is tipped to be a mega player.

A number of sectors are increasingly power hungry, he observes, citing a massive surge in demand for power in a range of systems and sectors.

He wants Nyobolt to thrive without industries it serves wrecking the Grid, people and their living environments - not to mention the planet!