Wealth Club members invest £1m into graphene technology SME

Bristol-based Anaphite, which is developing new technology to improve batteries for electric vehicles, has raised just under £1m from Wealth Club clients under the Enterprise Investment Scheme (EIS).

The funding was part of Anaphite’s latest £4.1m funding institutional round, with Wealth Club taking 20 per cent of the raise. Blue Wire Capital, OION, Zero Carbon Capital, Silicon Roundabout Ventures and Deeptech Labs, who are highly regarded as an accelerator for deep tech companies, have also invested.

Global sales of electric vehicles (EVs) have more than tripled since 2019. By 2035 there will be a ban on all new sales of petrol and diesel cars in the UK, Europe and US, which should see this trend continue.

It is estimated 50 per cent of all cars in the US will be electric by 2050 and over 30 per cent globally. Currently, the batteries that power EVs still have significant limitations namely, a high cost of production and long charging times that yield a limited range of use.

Anaphite is developing new technology, incorporating graphene into the core battery electrode materials that store energy. This could prolong battery life, improve charging speed, reduce manufacturing emissions and lower production costs.

It is already in trials with a major EV battery manufacturer in Europe, testing its materials in their batteries. The company believes its technology can be “dropped in” to current manufacturing processes increasing the potential of widescale adoption and aims for the technology to be used in commercial EV production by 2028.

This successful fundraiser comes in the same week that Anaphite are also announcing the appointment of Joe Stevenson as the incoming CEO, joining on 5th September. Joe brings over 20 years of experience from within the commercial and engineering sectors, having most recently been employed as a Commercial Director for Arcola Energy and Ballard Motive Solutions.

Alex Davies, CEO and Founder, Wealth Club said: “Anaphite is developing what could potentially be ground-breaking technology for use in electric vehicle batteries and may also have greater sector applications as graphene technologies become more widely adopted. This has been welcomed by our clients who have been quick to snap up the investment opportunity.”

Alex Hewitt, COO and co-founder of Anaphite comments: “I’m very excited and proud to have such a great group of investors joining our already wonderful backers as we move forward into the next stage of our growth. I truly believe we are in a great position to have a significant impact in the fight against climate change.”

Jon Pollock, CEO of Elbow Beach Capital, commented: “It’s been a pleasure to get to know Alex, Sam and the Anaphite team. The advancement of lithium-ion battery technology is an essential part of the green energy transition and Anaphite’s technology has the potential to accelerate the already rapidly growing EV market.”

By Mark Adair – Correspondent, Bdaily