Nyobolt, a UK-based provider of high-power ultrafast charging technologies, has secured $30m in funding to advance high-power ultrafast charging technology for AI applications.

Led by IQ Capital and Latitude, the funding round saw participation from partners such as Scania Invest and Takasago Industry.

The latest investment brings Nyobolt’s total funding to $100m.

The company plans to use the capital to further develop its proprietary technology, expand into new markets, grow its workforce, and strengthen its position in the high-performance energy systems sector.

Nyobolt said its ultrafast charging systems can deliver up to 20 times more power than conventional solutions, allowing batteries to charge in minutes while using fewer natural resources.

Central to Nyobolt’s technology is its anode material, developed from advanced cell chemistry research.

This material enables high power density and rapid charging without degradation, addressing key limitations of traditional lithium battery systems.

Nyobolt’s technology has already been adopted in AI-powered warehouses and heavy-duty vehicle applications, according to the company’s news release.

Nyobolt co-founder and CEO Sai Shivareddy said: “Our vertically integrated technology is already positively impacting customers, enabling them to experience stable, fast charge solutions when they need them the most.”

In 2024, the company reported $9m in revenue. With over $150m in contract value secured, Nyobolt is targeting a threefold increase in revenue.

Nyobolt is currently developing high-density power systems to meet the growing energy demands of AI data centres.

Latitude partner Ash Arora said:“Charging an EV to 80% in under five minutes is headline-worthy. But Nyobolt isn’t chasing headlines — they’re building the backbone of the AI-powered future.

“Born out of Cambridge brilliance and scaled with world-class execution, this team is redefining what’s possible in energy globally. As power grids strain under AI’s explosive demand, Nyobolt is the only company turning deeptech into deep impact — fast.”

In 2023, Nyobolt partnered with design and engineering business Callum to reduce electric car charging time down from hours to a few minutes.