Autotech Ventures Leads Round with BGF and
UCL Technology Fund to Invest
in First
Principles Charging Technology
LONDON, Aug. 12,
2024 /PRNewswire/ -- Charging speed remains a
significant hurdle to overcome in the mass market adoption of
passenger and commercial electric vehicles (EVs). Rapid charging
under traditional electrochemistry is inherently unpredictable,
often dangerously damaging cells and next-generation technologies
such as solid-state electrolytes have repeatedly fallen short of
deployment targets.
Gaussion, a University College London (UCL) spinoff, has
developed a novel solution that radically enhances battery
performance using an external magnetic field during charge and
discharge cycles to enable rapid charging by steering ions within
existing battery cells. The magnetic field also lowers cell
degradation, extending battery life.
Investors see Gaussion technology as truly groundbreaking and
are fueling the company's efforts with a $12M capital raise. The Series A round was led by
Autotech Ventures and supported by existing investors BGF and UCL
Technology Fund, managed by AlbionVC in collaboration with UCL
Business. The infusion of capital will enable Gaussion's market
entry which includes producing and selling its products and
potentially licensing its technology for other
applications.
"Gaussion's approach aims to expand the solution space by
introducing a new variable, rather than displacing or replacing
existing technologies," said Alexei
Andreev, co-founder and managing director of Autotech
Ventures. "They leverage the advancements of current battery cell
giants and apply an external magnetic field to enhance the
performance of established battery technologies without changing
their core components. We see tremendous opportunities in a variety
of markets."
With a global portfolio of patents and patent applications,
Gaussion is poised to revolutionize the battery industry, offering
a viable and scalable solution to meet the growing demand for more
efficient and powerful energy storage systems. This innovation
holds promise for a wide range of applications, including
transportation electrification, construction equipment, mining
operations, residential energy storage, and utility-scale energy
storage for load and phase balancing.
"In many applications, we are observing that efforts to rapidly
electrify are delayed or blocked due to the cost of raising the
ceiling of battery performance," said Tom
Heenan, Gaussion CEO and co-founder. "Whereas magnetic
enhancement could provide step-change improvements across all
chemistries, formats and applications, affordably unlocking
electrification without compromising on cost or performance."
Dennis Atkinson, investor at BGF,
commented: "Gaussion is an innovative business that has developed a
unique solution to one of the most pressing issues in the EV
battery space. The strong progress so far, led by an exceptional
team, highlights the potential of their technology and we are
excited to have Autotech now join the journey."
David Grimm, Partner UCL
Technology Fund said, "Slow charging speed and battery degradation
are currently limiting the wide-scale adoption of electric vehicles
and the broader energy transition. Dr. Tom
Heenan and Dr. Chun Tan,
co-founders of Gaussion, have managed to solve this problem by
building an innovative solution from their university labs into a
scaling company. Gaussion's commercial application taps into a huge
market need and we look forward to continuing to support them on
their journey."
Gaussion's most recent capital raise comes at a time when
vehicle owner sentiment about EVs has reached a tipping point.
EV buyers are demanding the same convenience of ICE vehicles,
including fast "refueling," and automakers are desperate for new
solutions. The current raise follows a seed raise of £2.85 million
led by BGF and UCL Technology Fund (UCLTF) in 2022.
For more information about Gaussion, please visit
www.gaussion.com or contact info@gaussion.com.
About Gaussion
Gaussion is the
magneto-electrochemistry company. The London-based start-up hosts a bespoke team and
research facility devoted to commercializing magnetic enhancement
technologies for batteries. See: www.gaussion.com.
About Autotech Ventures
Autotech Ventures is a
San Francisco-based venture
capital firm with more than $500M
under management to date and a mission to solve the world's ground
transport challenges with technology. For more information visit
www.autotechvc.com.
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SOURCE Autotech Ventures