The Newable EIS Scale Up Fund 3 (“SUF 3) has successfully completed a £120,000 equity investment in Echion Technologies. This is the second Echion investment round that Newable related Funds have participated in after a deployment of £140,000 in 2018.
Echion Technologies, led by Jean De La Verpilliere are developing a portfolio of advanced Lithium-ion battery materials that look to provide low barriers to market entry along with rapid customer access. The result of their technology is the creation of batteries that possess very-fast charging characteristics and are produced using sustainable materials.
In February of this year Echion Technologies successfully demonstrated a 6-minute charge Li-ion battery cell with a 200% improvement in anode volumetric capacity over commercial competitors. Their technological developments will likely allow the company to deliver high quality rapid charging batteries at scale, with the target of market entry by 2022 very much on track.
Avantika Gupta, NVL’s Associate Investment Director comments,
“We are delighted that the Newable EIS Scale Up Funds have backed Echion Technologies for a second time. The investment provides further evidence that Newable Ventures stands head and shoulders behind some of the UK’s most innovative potential high growth technology companies. On behalf of everyone at Newable I would like to congratulate the Echion Technologies team on the outstanding progress that Jean and his team have made on their battery technology and Newable look forward to working closely with them in the future”.