Cambridge-based battery technology startup Nyobolt has raised $30 million in fresh funding to move beyond its current focus on self-driving warehouse robots to move into heavy sectors such as electric vehicles and high-demand industrial use cases.
The round was led by IQ Capital and Latitude (the sister fund of Localglobe) and was attended by strategic players, including the Scania Invest (Volkswagen track arm) and the Takasago industry. This will bring the company’s total funding to $100 million.
Nyobolt built its name around an energy storage system that charges in minutes. Up until now, the company has focused primarily on autonomous warehouse robots that operate non-stop and require near-zero downtime. CEO Sai Shivarieddy said the segment offered a rare advantage.
“We’ve been focusing on this market because there’s little competition,” Nyobolt CEO Sai Shivarieddy told Reuters.
From warehouse to EVS: Nyobolt raises $30 million to scale fast-charge battery technology
The latest rounds are used to grow teams, move them to new markets such as EVS and AI data centers, and double their core tech.
“The world is experiencing unprecedented demand for power to not only decarbonize heavy industries, but provide enough resources to handle the surge in AI infrastructure. The current state of energy cannot sustain these demands. Sai Shivarieddy, co-founder and CEO of Nyobolt, said he is Nyobolt’s co-founder and CEO.
The pitch of Nyobolt is simple. It charges faster, lower downtime and increases energy density. The company claims that the batteries provide up to 20 times more power than traditional options and use less raw materials. This is an increasingly attractive combo as industry faces pressure to reduce emissions while running 24 hours a day.
Its unique anode material has been developed from deep research into cytochemistry, but its distinctive anode material is what sets Nyobolt apart. The company says the battery can be charged from 10% to 80% in under 5 minutes, and performance will not drop over time. This was proven last year in a real-world track test using EVs.
Now, Nyobolt is in discussion with eight major automakers about embedding fast-charged technology into next-generation platforms. Shivarieddy says the technology has not been separated from reality for years. “This is perfectly possible with a large number of mainstream models within the next three to five years,” he said. “We are in our own position to partner with everyone who wants to build these systems at scale.”
Unlike some peers, Nyobolt does not plan to manufacture the battery itself. Instead, they bet on licensing technology to a larger player.
The company has concluded with revenues of $9 million in 2024 and claims it is already locked in a contract worth $150 million. With demand across AI, rugged transport, and data centers surge in demand, some of which lose up to $9,000 per minute during outages, NYOBOLT is developing next-generation systems that can handle the 10 times more power requirements that new GPU-based infrastructures demand.
The data center sector alone is expected to reach $500 billion within five years. If Nyobolt is fulfilling its promise, it could become not only an EV battery company anymore, but also a quiet force behind the infrastructure that keeps everything else going.
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