Echion Technologies funding news – UK-based Echion Technologies Secures £10 Million in Funding

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

It’s XNO® niobium-based anode material enables lithium-ion (Li-ion) batteries to safely fast charge in less than ten 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.

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XNO® is available at scale thanks to Echion’s manufacturing partnership with the world’s leading producer of niobium, CBMM. In November, it 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 Echion to meet the significant demand for XNO® across its global customer base of cell manufacturers and OEMs.

Jean de La Verpilliere, CEO of Echion Technologies, 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, said: “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.”

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.”

XNO® is based on proprietary mixed niobium oxide compositions and microparticle designs protected by 13 international patent families. It delivers lithium-ion battery performance highly suited for industrial, commercial, and high-value applications that demand the highest up-time, lowest total cost of ownership, and highest safety. Applications powered by XNO® include battery electric and hybrid trains, mining haul trucks, electric buses, heavy-duty industrial transport and delivery vehicles.

About Echion

Echion is supported by leading venture capital institutions and the world’s largest niobium miner, we have grown to become a global leader in the battery materials space, successfully supplying a cutting-edge product in high-growth premium markets across the world.