A British company building electric car batteries that charge in five minutes has warned it could run out of cash by March unless it secures new funding.
Nyobolt, which is a spin-off from the University of Cambridge, is on the hunt for cash after burning through a pot of £50m raised from investors two years ago.
It comes months after the company unveiled a 155-mile electric vehicle that could charge from 10pc to 80pc in five minutes.
A string of British and European battery companies have sought to challenge China’s prowess in battery technology but many have failed to make a profit.
Nyobolt’s latest accounts, signed off in November, said the company made a £20m loss on revenues of £67,000 in 2023.
This led to bosses warning that: “In the event the group is unable to raise funds, the group will run out of funds [late in the first quarter of 2025].”
However, since the accounts were published, Nyobolt said it had signed new contacts that would allow it to carry on trading beyond March, while also claiming the company was on the cusp of new funding.
A spokesman said: “The accounts quoted date back to 2023 and are not reflective of how far we have come and our position today.
“Since then, Nyobolt has launched new products and revealed a fully working prototype vehicle demonstrating our ultra-fast charging battery technology.
“In 2024, Nyobolt started earning revenues from customers and had contracts valued over $120m (£97m). We will be announcing further contracts in the first quarter of 2025.
“Looking ahead, we continue to raise funds with both current and strategic investors, with the next round closing imminently, which will see us through 2025 and into profitability.
Nyobolt has said it is in talks with eight car manufacturers about using its battery technology in an electric supercar.
The company’s technology uses patented compounds that allow batteries to charge more rapidly than conventional cells without the risk of overheating.
In June, it demonstrated a custom vehicle that charged to 80pc in less than five minutes, twice as fast as existing vehicles on the market, promising electric cars that could charge up almost as fast as petrol cars can be filled.
It says that faster charging times making it easier to refuel vehicles could mean cars being sold with smaller batteries and lower ranges since motorists would be less reluctant to stop and recharge them. This could cut the cost of EVs, of which the battery is a significant part.
Its technology is already being used in areas such as factory robots, where fast charging is used to limit downtime.
