Connect with us

Hi, what are you looking for?

Editor’s Pick

Wealth Club members invest £1 million under EIS in electric battery tech company Anaphite

Bristol-based Anaphite, which is developing new technology to improve batteries for electric vehicles, has raised just under £1 million from Wealth Club clients under the Enterprise Investment Scheme (EIS).

The funding was part of Anaphite’s latest £4.1 million funding institutional round, with Wealth Club taking 20% of the raise. Blue Wire Capital, OION, Zero Carbon Capital, Silicon Roundabout Ventures and Deeptech Labs, who are highly regarded as an accelerator for deep tech companies, have also invested.

Global sales of electric vehicles (EVs) have more than tripled since 2019. By 2035 there will be a ban on all new sales of petrol and diesel cars in the UK, Europe and US, which should see this trend continue. It is estimated 50% of all cars in the US will be electric by 2050 and over 30% globally. Currently, the batteries that power EVs still have significant limitations – namely, a high cost of production and long charging times that yield a limited range of use.

Anaphite is developing new technology, incorporating graphene into the core battery electrode materials that store energy. This could prolong battery life, improve charging speed, reduce manufacturing emissions and lower production costs. It is already in trials with a major EV battery manufacturer in Europe, testing its materials in their batteries. The company believes its technology can be “dropped in” to current manufacturing processes – increasing the potential of widescale adoption – and aims for the technology to be used in commercial EV production by 2028.

This successful fundraise comes in the same week that Anaphite are also announcing the appointment of Joe Stevenson as the incoming CEO, joining on 5th September. Joe brings over 20 years of experience from within the commercial and engineering sectors, having most recently been employed as a Commercial Director for Arcola Energy and Ballard Motive Solutions. Previous to this, Joe was a Corporate Strategy Director at Johnson Matthey. Joe has a Philosophy, Politics and Economics degree from the University of Oxford and has completed London Business Schools Senior Leaders Programme. His knowledge and experience will bring a sharp commercial focus to the business.

Alex Davies, CEO and Founder, Wealth Club said: “Anaphite is developing what could potentially be ground-breaking technology for use in electric vehicle batteries and may also have greater sector applications as graphene technologies become more widely adopted. This has been welcomed by our clients who have been quick to snap up the investment opportunity.

The founders have a mix of technical and entrepreneurial skills and benefit greatly from an experienced advisory board with scientific, industrial and commercial expertise. The company’s success so far and the recent announcement of a commercially focussed CEO, has attracted substantial interest and it has backing from credible investors. In our view, Anaphite presents an opportunity to invest in an exciting tech business which is helping the transition to improving sustainable technologies by enabling faster-charging, increased-range and lower-cost batteries for electric vehicles. The benefit of the EIS tax relief to help offset the additional risks associated with investing in an early-stage business is just the icing on the top for this investment.”

Alex Hewitt, COO and Co-founder of Anaphite comments: “I’m very excited and proud to have such a great group of investors joining our already wonderful backers as we move forward into the next stage of our growth. I truly believe we are in a great position to have a significant impact in the fight against climate change by accelerating the mass adoptions of EVs with our fast-charging graphene enhanced cathode technology. I think our concept, approach and product can change the battery industry for the better, especially in reducing the carbon footprint of battery production. We are fortunate to have our new CEO, Joe, joining the team next month who will guide and accelerate the commercialisation of our technology.”

Jon Pollock, CEO of Elbow Beach Capital, commented: “It’s been a pleasure to get to know Alex, Sam and the Anaphite team. The advancement of lithium-ion battery technology is an essential part of the green energy transition and Anaphite’s technology has the potential to accelerate the already rapidly growing EV market.”

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.