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UK-based start-up Gaussion has announced a significant capital injection, which it claims will enable the company to start rolling out its innovative charging technology.
Gaussion, a spin-off from University College London (UCL), has secured $12 million in funding from new and returning investors. This financial boost will accelerate the company's plans to produce and sell its breakthrough solution and explore licensing opportunities for its technology in other sectors.
The start-up has pioneered a cutting-edge technique designed to dramatically reduce the charging times of lithium-ion batteries. By exposing the batteries to a uniquely engineered magnetic field during the charging process, Gaussion's technology promises to revolutionize battery charging speed.
The company asserts that its "magnetic enhancement" solution speeds up charging times and significantly boosts the overall performance of existing battery cells. Additionally, it aims to mitigate cell degradation, potentially extending batteries' lifespan—an advancement that could have far-reaching implications across multiple industries.
Enhancing battery performance is critical in accelerating the adoption of vital decarbonization technologies, such as electric vehicles, home energy storage systems, and large-scale energy storage solutions for utilities.
The Series A funding round was spearheaded by Autotech Ventures, a venture capital firm focused on transportation technologies. Previous backers, including BGF and the UCL Technology Fund, joined them.
Tom Heenan, Gaussion's CEO and co-founder, highlighted that the race to electrify various technologies is being hampered by the high costs associated with pushing the boundaries of battery performance. Heenan emphasized that Gaussion's breakthrough could be crucial in overcoming these challenges.
"Magnetic enhancement could provide step-change improvements across all chemistries, formats, and applications, affordably unlocking electrification without compromising on cost or performance," he said.
Alexei Andreev, co-founder and managing director of Autotech Ventures, said he saw "tremendous opportunities" for Gaussion's solution in various markets.
"Gaussion's approach aims to expand the solution space by introducing a new variable rather than displacing or replacing existing technologies," he said. "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."
The Series A funding comes over a year after Gaussion snapped up a £2.85m equity deal from BGF and UCL Technology Fund.
David Grimm, partner at the UCL Technology Fund, said there was a "huge market need" for faster charging batteries that degraded less rapidly.
"Slow charging speed and battery degradation are currently limiting the wide-scale adoption of electric vehicles and the broader energy transition," he said. "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."
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