Electrode start-up Anaphite raises 12.5 million euros

British equipment manufacturer Anaphite has raised the equivalent of 12.5 million euros in a Series A financing round. The company is developing its own technology for dry coating battery electrodes.

At the close of Series A financing, Anaphite had raised 13.7 million US dollars (10.4 million pounds), which will enable the British company to scale up its patented dry coating technology. The company says this technology—called dry coating precursor (DCP)—has the potential to make the production of batteries for electric vehicles 30 per cent less carbon-intensive and 40 per cent cheaper. Anaphite says it is already working with global car and battery cell manufacturers.

World Fund and Maniv are listed as the leading investors in the round, with EEI and Nesta also on board. According to an emailed statement, the round was accompanied by further participation from existing investors Elbow Beach Capital and Wealth Club.

Craig Douglas, Partner at World Fund, said: “Anaphite’s unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market. The team has already made breakthroughs in lithium-ion battery production, and their technology will be applicable to a wide range of new battery technologies, including sodium-ion and solid state.”

Anaphite was founded in 2018 by chemist Sam Burrow (CTO) and physicist Alexander Hewitt (COO). The core of the British company’s proprietary coating approach is a chemical composition process that “produces a ‘precursor powder’ that ensures reliable dry coating for fast, high-performance electrode production.” The company says that coating battery anodes with Anaphite technology has the potential to save around 15 per cent of production space.

In the past 18 months, Anaphite says it has put a pilot production line into operation. According to the company management, the new capital should enable the young company to fully commission a plant “that can supply tons of the company’s patented composite cathode material.” The financing will also support extensive new hiring and further R&D investments to expand the technology portfolio.

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