INSIGHTS / News

SETsquared Bristol member, Celltris, has successfully raised £800k to optimise capacity for batteries commonly used in electric vehicles.

The Bristol-based technology developers prototype new cells and components to create world-leading cell technology available for commercial licence. Its design software, a drop-in digital platform, offers companies a solution for eliminating wasted space in lithium-ion cells. This solution, built with automotive manufacturers and prismatic cell users in mind, can help manufacturers deliver longer range, lower cost and better-performing batteries for the industry.

Now, to help them accelerate the development of this technology, Celltris has secured the £800k investment through combined equity investment from Angel group, QantX, alongside grant funding from UKRI’s Faraday Battery Challenge as part of the Investor Partnerships Future Economy Programme – of which SETsquared is a delivery partner.

The Innovate UK-funded programme enables early-stage innovation-led businesses to raise non-dilutable grant funding, up to £900k, for R&D projects alongside Angel co-investment.

This infusion of capital is set to catalyse Celltris’ efforts in the development of cutting-edge prismatic cell designs. With a clear objective of enhancing energy density while simultaneously driving down production costs, these advancements hold the power to revolutionise how cells are assembled.

The recent win brings the company’s total investment raised to more than £1.3m.

Speaking on the success, Ian Hunt, CEO, Celltris, commented, “This raise helps us to cement our position as a leading cell design business. It will significantly accelerate the development of our go-to-market offering and allow us to purchase the equipment required to complete a cell prototyping facility in Bristol.”

Richard Haydock, CEO, QantX, added, “The critical scale of energy storage demand is such that even small reductions in cell volume can have outsized impact on costs for manufacturers. Celltris are a strong and knowledgeable team and we’re delighted to support them in partnership with Innovate UK as they develop the next generation of cells.”

Celltris aims to have its first validated prismatic cell prototypes, which are being produced on-site in Bristol, ready for testing as early as May 2024.