Elbow Beach Capital leads £1.6m investment into dry-coating startup

News

Elbow Beach Capital has led a £1.6m government-backed grant investment into Anaphite, a Bristol-based battery technology startup developing dry-coating technology to reduce the cost of EV battery manufacturing.

Anaphite

The overall funding consists of £685k grant funding via the Investor Partnerships Future Economy programme and over £880k committed by private investors.

In partnership with UK Research and Innovation’s (UKRI) Faraday Battery Challenge, the grant will enable Anaphite to accelerate the development of its dry-coating technology.

In a statement, Jon Pollock, CEO of Elbow Beach Capital, said: “We are delighted to have supported Anaphite in winning this grant funding which will accelerate the rollout of their technology which is a real enabler for accelerating EV adoption. We have seen that demand for EVs is price elastic, so reducing the cost of vehicles is essential to achieving their widescale rollout.”

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Batteries account for up to 30 per cent of an EV’s total cost, making the reduction of costs in battery manufacturing an essential step to encourage uptake. Also, for EVs to be more sustainable, changes to the battery manufacturing process are needed to reduce the amount of energy required.

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battery dry-coating