Anaphite Raises £10.4 Million for Battery Technology Expansion
Anaphite, a Bristol, UK-based company specializing in the development of innovative production technology for battery electrodes, has successfully raised £10.4 million (approximately $13.7 million) in a Series A funding round. This significant financial boost was co-led by World Fund and Maniv, and it also attracted participation from renowned investors such as EEI, Nesta, as well as existing supporters like Elbow Beach Capital and Wealth Club. The newly acquired funds are earmarked for several strategic initiatives, including scaling up production at their commercial facility, making vital new hires, and investing further in research and development to broaden their technological portfolio.
The company was founded in 2018 by chemist Sam Burrow, who serves as Chief Technology Officer (CTO), and physicist Alexander Hewitt, the Chief Operating Officer (COO).
Both founders are driven by a vision to revolutionize the electric vehicle (EV) battery manufacturing process, aiming to reduce energy consumption by 30% and costs by as much as 40%. Under the leadership of Chief Executive Officer (CEO) Joe Stevenson, Anaphite has patented a unique chemistry-based technology that produces fully formulated Dry Coating Precursor (DCP®) powders, which are ready for the dry coating process. This proprietary process allows for customized formulations that help clients transition from traditional, energy-intensive manufacturing methods to more efficient, performance-driven dry processes.
Anaphite's origins trace back to a student passion project initiated by Burrow and Hewitt, who first crossed paths at the University of Bristol. Their initial focus was on creating techniques for the homogeneous incorporation of graphene into metal oxide composites, which led them to the realization that lithium-ion batteries could greatly benefit from their innovative technology. In 2018, they took their first major step by filing for a patent, securing £60,000 in pre-seed funding, and subsequently moving into the Science Creates incubator lab to refine their process. By 2021, they had achieved significant milestones, including applying their technology to lithium-ion battery cell electrodes and demonstrating feasibility through dry coating trials in partnership with the University of Warwick. After closing a successful £4.1 million fundraising round in mid-2022, they appointed Joe Stevenson, a former director of commercial strategy at Johnson Matthey, to spearhead their growth. Over the last 18 months, Anaphite has commissioned pilot-scale manufacturing and refocused its efforts solely on the dry-coating of electrodes for lithium-ion cells, setting the stage for continued innovation and growth in the battery technology space.
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