INSIGHTS / News

Left to right: Samuel Burrow (CTO), Joe Stevenson (CEO), and Alexander Hewitt (Co-Founder) of Anaphite

Scale-Up programme alumnus, Anaphite, has secured $13.7m (£10.4m) Series A funding in its largest round to date.

Anaphite, which is also a University of Bristol spin-out company, specialises in advanced production technology for battery electrodes, delivering a solution that could reduce energy consumption in EV battery manufacturing by 30% and cut costs by up to 40%. Anaphite’s dry-coating technology aims to revolutionise the automotive battery industry, helping to decarbonise production while enhancing electrode efficiency and performance.

This breakthrough is a major milestone for the battery sector, with Anaphite already collaborating with top battery cell manufacturers and automotive OEMs to integrate the technology into production lines. The company’s innovation is set to lower EV costs for consumers, support in accelerating global EV adoption, and switch up gears the shift to eco-friendly mobility.

Its successful recent funding round was co-led by World Fund, Europe’s leading climate-focused VC, and Maniv, a global transportation fund, alongside investors including EEI, Nesta, Elbow Beach Capital and Wealth Club.

The injection of capital will allow Anaphite to scale and expand its in-house dry coating capabilities, and commission a new plant with the capacity to deliver tonnes of its patented composite cathode material.

Anaphite became a member of the SETsquared Scale-Up programme before going on to participate in the Investor Partnerships Future Economy Programme, previously known as the Regional Angel Investment Accelerator, in 2019. This Innovate UK initiative helps early-stage, innovation-driven companies, supported by SETsquared, secure non-dilutive grant funding for R&D projects focused on future economies, alongside Angel co-investment.

Through this programme, Anaphite successfully raised £425k, with £300k contributed by Angel investors and £125k provided as a grant from Innovate UK.

Alexander Hewitt, Co-founder and COO, Anaphite, said: “This funding will help Anaphite scale up and become a partner of choice for the global market. Li-ion battery electrodes have been produced at scale the same way for decades, and with the advent of the sustainable energy revolution, there is an acute hunger for change and improvement in the industry. Our technology has the power to revolutionise the electrode production process while lowering costs and emissions for EV and cell manufacturers, and we can’t wait to see it in action.”

Craig Douglas, Partner, World Fund, added, “Anaphite’s unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market. Their technology is genuinely market-leading and will help the world transition to an eco-mobility future. The team has already made breakthroughs in lithium-ion battery production. Anaphite has the potential for exponential growth, and we at World Fund are proud to be supporting them as they grow.”

Meanwhile, Michael Grannoff, Founding Partner, Maniv has also joined Anaphite’s board as its new Investor Director. Speaking on the round and the potential of this new technology, Michael said, “We are confident that Anaphite’s proprietary technology finally moves the needle towards a more distributed and resilient battery supply chain, helping Western battery companies and automakers compete in the decades ahead.”