Two Bristol entrepreneurs have raised around £1.2m in funding to help develop rechargeable battery technology which investors believe has “exciting” potential to help accelerate the shift towards sustainable forms of transport.
Scientists Sam Burrow and Alexander Hewitt founded Anaphite, based in Unit DX in St. Philip's, to investigate the potential benefits of adding a material called graphene, which consists of a single layer of carbon atoms, to rechargeable lithium-ion (Li-on) batteries.
The pair have been able to develop an inexpensive and scalable process to incorporate graphene into battery materials on existing cell production lines, which has been found to improve charge time and longevity.
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Mr Hewitt, who is Anaphite’s chief operating officer, explained: “In order for society to transition to sustainable energy, we need mass adoption of electric transport, meaning batteries need to cost less, charge faster and live longer. We believe our technology truly addresses these critical pain points.
"Our production process is also inherently scalable to the levels required to make a real dent in this rapidly growing industry, hopefully increasing our chances in the ongoing battle with climate change.
“Having such a diverse group of investors seeing the potential of what we have here is incredibly encouraging.”
The start-up’s work has attracted several backers with Zero Carbon Capital leading a funding round with an investment of £300,000.
Pippa Gawley, founder and managing director of Zero Carbon Capital, said: “Adoption of electric vehicles is a key part of the critical journey to net-zero emissions.
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“Anaphite’s innovative technology will reduce the cost and charging time of EV batteries, removing two of the key purchase barriers.
“Sam and Alex are amazing scientists working in a deeply technical area and we’re excited to be partners on their journey toward commercialisation.”
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Bristol Private Equity Club (BPEC) which is made up of successful entrepreneurs from the area has also invested £491,000 into the project - the biggest single investment the group has ever made.
It is a second tranche of funding from BPEC, which previously invested in Anaphite.
BPEC founder Jerry Barnes said: “We supported a previous project of Anaphite involving graphene and we are pleased to have made another big investment in what is a very exciting science-led contribution to the way we all travel in the future.
“Our club is made up of Bristol-based entrepreneurs and it is great that the city is at the leading edge of this technology. It is heartening to join with others in backing Anaphite for future success.”
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Cambridge-based fintech venture capital funder Syndicate Room is also investing £107,000 while the rest of the package of funds has come from individual investors.
Tom Britton, co-founder of SyndicateRoom, said: "The potential for graphene to reshape many of the materials we use in everything from electronics to building materials is astonishing.
“We're delighted to be a part of Anaphite's journey to make graphene commercially viable and open the door for its seemingly limitless uses."