- The investment, from IQ Capital, LocalGlobe and new strategic partners from the automotive industry, follows Nyobolt hitting $9 million+ in revenues in 2024 and successful tests to charge an EV to 80 per cent in under five minutes
- Nyobolt’s fast-charge systems are now deployed in heavy-duty vehicles and AI warehouses with over $150m in contract value secured – other automotive applications are set to follow
Boston, US and Cambridge, UK, 16th April: Nyobolt, the pioneer of high-power ultrafast charging technologies, has raised $30 million in funding, led by IQ Capital and Latitude, the sister fund of LocalGlobe, with strategic partners including Scania Invest and Takasago Industry. The funding, which brings the total raised to $100m, will accelerate the advancement of Nyobolt’s proprietary technology, fuel market expansion, grow its team and cement its position as the industry leader in ultra-fast power systems.
Nyobolt’s high power and quick recharge cycles address barriers to EV adoption in automotive and heavy-duty vehicle applications
The investment, including from partner Scania Invest, will support the ongoing deployment of Nyobolt’s high-power density, fast-charging battery technology in production vehicle applications. Following successful demonstrations using its own 35kWh EV demonstrator, achieving a 10-80 per cent charge in just under five minutes, Nyobolt has begun deploying innovative low impedance cell design and software controls to support the electrification of high-uptime, heavy-duty vehicles. Nyobolt’s compelling advantages are driving growing interest in passenger car applications, including retrofitting to existing vehicle platforms. Its technology and systems offer customer convenience and longevity, plus enable OEMs to specify a smaller battery size with the associated efficiency and lower costs through smaller, lighter packs.
Powering critical industries with unmatched performance
Interest outside automotive is also rising for the Cambridge business. Power-intensive sectors such as AI automation and data centres are under increasing pressure to cut emissions while also keeping systems running 24/7. At the same time, only 20 per cent of solutions across these sectors are currently electrified. Meanwhile, data centre outages alone average $9,000 per minute in lost revenue, while new GPU-powered AI data centres are disrupting the quality of lifefor nearby communities, threatening billions of dollars’ worth of damage. These pressures are only set to worsen as AI pushes global power demand up by 165 per cent by 2030.
Nyobolt’s energy storage and fast-charging technologies are not only closing this gap but are setting the new industry standard. By delivering up to 20x more power, charging in minutes and cutting downtime for even the most power-intensive applications to zero, Nyobolt enables peak performance without compromise. And it does so while using fewer natural resources compared to traditional lithium batteries.
Groundbreaking research meets world-leading innovation
At the core of this breakthrough is Nyobolt’s proprietary anode material. Born out of groundbreaking cell chemistry research, Nyobolt’s systems are capable of reaching higher power density and supercharging capabilities, without degradation – overcoming the most critical limitations of conventional technologies.
The company closed 2024 with $9 million in revenue (*non-GAAP) and made history as the first company to successfully charge an electric car battery to 80 per cent in under five minutes. It is now positioned to triple its revenue figures, with over $150 million in contract value already secured.
Sai Shivareddy, Co-Founder and CEO of Nyobolt, said: “Interest in robust, ultrafast charging solutions for vehicle applications is surging as electrification becomes more widespread. Nyobolt is making the switch viable for heavy duty vehicles that demand both high power and low downtime. Our vertically integrated technology is already positively impacting vehicle operators and users, enabling them to experience stable, fast-charge solutions when they need them the most. I’m delighted to have the confidence of our customers and investors as we further strengthen our mission to push the boundaries of ultra-high-power solutions.”
Dr Sai Shivareddy, Nyobolt’s co-founder and CEO
Jessica Persson, Head of Venture Capital and M&A at Scania, said: “At Scania, we invest in companies that support the shift towards a more sustainable transport system. That’s why we’re excited to announce our investment in Nyobolt, a pioneer in high-power, fast-charging solutions. Its breakthrough anode technology enables ultra-fast charging and longer-lasting batteries—critical advancements for the electrification of heavy-duty transport, industrial applications, and AI-powered infrastructure.”
Max Bautin, Co-Founder and Managing Partner at IQ Capital, said: “Nyobolt has achieved what so few companies can do: translating deep tech research from the lab into a global, impactful business. In just a few short years it has become the go-to provider of high-power density solutions for AI warehouse operations and heavy-duty vehicles. Now with the advent of the AI revolution, it is in prime position to become the backbone of critical AI infrastructure. We’re continuing to support Sai and the Nyobolt team as it takes on this ambitious challenge not just as a company but the whole energy sector.”
Ash Arora, Partner at Latitude, said: “Charging an EV to 80% in under five minutes is headline-worthy. But Nyobolt isn’t chasing headlines — it’s building the backbone of the AI-powered future. Born out of Cambridge brilliance and scaled with world-class execution, this team is redefining what’s possible in energy globally. As power grids strain under AI’s explosive demand, Nyobolt is the only company turning deeptech into deep impact — fast.”
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About Nyobolt
Founded in 2019, Nyobolt is transforming critical industries with unprecedented uptime using its unique fast charge technology. By leveraging new materials, innovative battery cell designs, efficient software controls, and advanced power electronics, Nyobolt produces high-power energy systems, enabling ultrafast charging rates and high endurance. This breakthrough technology opens avenues for electrifying new products and services that demand high-power solutions and high operating runtime. For further information, please visit www.nyobolt.com
Media contacts:
Nick Bailey & Mel Wicks
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M: +44 (0) 7813 956664 / +44 (0)7835 590481
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About IQ Capital
IQ Capital is an early-stage venture capital firm dedicated to backing Europe’s most ambitious deep tech entrepreneurs. Since 2005, they have partnered with more than 100 founding teams on their path to turning breakthrough technologies into long-lasting businesses, supported by an experienced team of investors, advisors and an extensive global network. https://iqcapital.vc/
Media contact: Antonella Scimemi / [email protected]