Nyobolt, a UK-based fast-charging battery technology company, has raised $30 million to expand its business into autonomous warehouse robots and heavy-duty vehicles, as well as to enter new markets such as mainstream electric vehicles. The latest funding round, which brings the company's total raised to $100 million, was led by venture capital firms IQ Capital and Latitude, with participation from Scania Invest, the investment arm of Scania, part of Volkswagen's truck business.

CEO Sai Shivareddy shared that Nyobolt, headquartered in Cambridge, England, has mainly focused on energy storage systems and autonomous robots used in e-commerce warehouses that require ultra-fast charging. These robots operate continuously, with minimal downtime. According to Shivareddy, Nyobolt chose this market due to the lack of competition.

Last year, Nyobolt demonstrated its technology by charging an electric vehicle to 80% in under five minutes. The company has held discussions with eight major automakers in the past year about integrating its battery technology, which features a graphite anode for fast charging and high energy density, into their electric vehicle platforms. Shivareddy believes that fast-charging technology for mainstream, high-volume electric vehicle models will be feasible within the next three to five years.

With the recent focus on fast-charging EV platforms, particularly after BYD, China’s top automaker, revealed a new platform that charges EVs as quickly as conventional fuel vehicles, Nyobolt plans to license its technology to major battery manufacturers instead of producing batteries at scale itself.