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."