Echion raises $35 million to manufacture XNO anode material

British niobium anode materials supplier Echion Technologies has raised 35 million dollars in its Series B funding round. The money will bring Echion's niobium-based XNO anode material to market.

Together with niobium producer and partner CBMM, Echion will open a manufacturing facility with an annual capacity of 2,000 tonnes this year. ” This provides Echion with the manufacturing capacity to satisfy the large and growing demand for XNO across its global customer base comprised of major cell manufacturers and original equipment manufacturers,” the company says in its press release.

The funding round was led by specialist battery and energy storage technology investor Volta Energy Technologies (Volta). The company already invested in Echion in 2023. Other existing investors, such as CBMM, BGF, and Cambridge Enterprise Ventures, also participated in the round.

“Our ambition is to deliver the best fast-charging batteries to unlock the electrification of heavy-duty vehicles,” says Jean de La Verpilliere, CEO of Echion Technologies. “The investment from our partners Volta Energy Technologies, CBMM, BGF and Cambridge Enterprise Ventures cements our ambition to achieve full-scale commercialisation and full production volume.”

“We are excited to lead Echion’s Series B and make Volta’s first investment in Europe. Echion and their XNO technology complements our growing portfolio of technologies that address significant market needs through innovations in the supply chains of battery and energy storage technology,” says Jeff Chamberlain, CEO and Founder of Volta Energy Technologies. “We believe the power of XNO can uniquely improve performance, lower cost, and meet the demands of the growing, international markets across mining, logistics, railways, automotive and more.”

Echion’s XNO is, for example, used in batteries for all-electric and hybrid trains, mining haul trucks, high-demand buses, and delivery vehicles. According to the company, they could also be used in motorsport and space. In 2022, the company signed a deal with Morrow Batteries, which ordered 150 tonnes of XNO per year over five years. In September 2023, the British company announced an agreement with InoBat, with whom Echion wants to develop high-performance batteries.

Source: Information per mail