British EV battery producer warns it could run out of cash in months
Nyobolt, a British electric vehicle (EV) battery manufacturer has revealed that it could deplete its cash resources by the end of the first quarter, unless new funding is obtained.
The company spun out of the University of Cambridge’s chemistry department in 2016. It focuses on ultra-fast EV charging technology, with the Nyobolt Xtreme charging an EV in 1-5 minutes. Its second solution, the Nyobolt Ultra, takes 6-10 minutes to charge an EV.
In mid-2024, the company also launched its own EV sportscar prototype, which is being used to test its charging technology on real road conditions. With a 155 mile range, this prototype can go from 10% to 80% charge in five minutes. This was an attempt to allay new EV owners’ concerns about range, as well as charging times.
However, Nyobolt has now hit turbulent times, having already spent approximately £50m (€60.30m) worth of investor funds in the last two years. Nyobolt completed funding rounds in 2021 and 2022.
The company’s most recent accounts have also highlighted a 2023 loss of £20m (€24.11m), on a revenue of £67,000 (€80,802.67). These accounts were signed off in November 2024.
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British EV battery producer warns it could run out of cash in months, source
