Revolutionary British battery business Faradion secures additional funding
Start-up British battery developer Faradion is now able to push forward with its development programme following the decision of three of its investors – Finance Yorkshire, Rising Stars Growth Fund and Haldor Topsoe A/S (a global market leader in catalysis and related process technologies) – to add to funding they and a Japanese electronics giant have already provided.
Faradion now has almost £2 million of cash to invest in developing its ground breaking, low cost and high energy density batteries. The sodium-ion technology has the potential to revolutionise the supply of electric batteries for stationary storage, automotive applications and e-bikes.
Virtually all batteries currently available to power the new generation of low or zero emission electric vehicles rely on lithium, which is a more expensive and scarcer resource than sodium. In addition, sodium-ion battery technology offers enhanced safety, both in operation, but also crucially in transportation, for example it can be sent via air freight in a fully discharged state.
Faradion – named after the English Victorian scientist Michael Faraday – is at the forefront of developing a new technology based on sodium (or common salt), a widely available, low cost and stable ingredient which could slash the costs of electric vehicles and other products requiring battery power.
Faradion is headquartered at Sheffield University’s Innovation Centre, having put in place a pilot manufacturing line, with a second laboratory at Oxford’s Leafield Technical Centre, has an outstanding team devoted to developing this pioneering new technology.
“With this latest demonstration of their support, our investors have provided us with the funds necessary to secure success”, said Faradion CEO Lawrence Berns. “We can now move forwards quickly to proving and scaling up our solid state low cost batteries and, indeed, intend to demonstrate one in a dynamic environment very soon”.
Media contact
Tom Callow at Torque – 020 7952 1070, tcallow@torqueagencygroup.com
About Faradion Ltd
Faradion is pioneering the next generation of advanced, low-cost battery materials. These novel materials employ sodium-ion (Na-ion) technology which when incorporated into batteries will be virtually indistinguishable, in terms of performance, from the leading lithium-ion (Li-ion) products currently on the market.
Na-ion batteries have a number of benefits compared to battery technologies already on the market, with the foremost advantage being the low cost. The sodium salts used to prepare these battery materials are highly abundant, coming from more renewable sources than those of equivalent lithium salts, making them both cheap and easily obtainable. If compared to the equivalent salts used to make Li-ion batteries, the cost is approximately 1/10th of the cost.
Faradion was virtually the first investment made by Finance Yorkshire and is headquartered in Sheffield’s Innovation Centre. See more at: www.faradion.co.uk
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