Nyobolt’s Tungsten Battery Technology selected as Finalist for the Financial Times ‘Tech Champions 2022’
This year’s ‘Tech Champions’ features Energy as a focus of attention for innovators. Nyobolt, a startup funded by Masan High-Tech Materials has outperformed numerous excellent applicants to advance to the final round. The company is recognized as the pioneer in the development of ultrafast-charging tungsten-based battery technology.
“Revolutionising the performance of Lithium-ion batteries, Nybolt is transforming the use of battery in EVs, medical devices, and robotics,” acclaimed the Financial Times judging panel when shortlisting Nyobolt as a finalist together with four other companies in the Energy sector.
The Financial Times (FT) ‘Tech Champions’ identifies those European companies that have used technology to pivot their businesses to new ways of working. More than 300 nominations were received across multiple sectors tackling energy shortages, economic sanctions, and broken supply chains as a result of the political turmoil in Eastern Europe and in the aftermath of the Covid-19 pandemic.
The FT judging panel will review and select the winners in multiple categories, including Banking & Payments, Markets & Financial services, Shipping & Transport, Manufacturing, Professional Services, Retail, Energy, IT & Cybersecurity, Media, and Healthcare. The ten winners will be announced on 21 November.
Nyobolt was selected as a finalist because of the cutting-edge technology in the use of tungsten in Lithium-ion batteries which allows for faster charging and extended battery life.
This is a significant stepping stone for Nyobolt after receiving an investment of GBP 45 million (around EUR 52 million) in July 2022 from H.C. Starck Tungsten Powders (HCS) – a subsidiary of Masan High-Tech Materials. The funding from H.C. Starck has helped Nyobolt scale up its operations in the UK and United States to focus on the development of next-generation tungsten batteries.
Nyobolt’s technology employs H.C. Starck’s advanced Tungsten materials in the battery anode coating to produce batteries of superior quality. With record-high power density and ultrafast charging speed, this new-generation battery would compensate for the shortcomings of conventional batteries such as hyper-sensitivity, thermal stress and exorbitant costs. Nyobolt tests have shown that Tungsten-based Lithium-ion batteries are 10 times more efficient than conventional batteries of the same size, with 90 percent charged in less than 5 minutes. With up to 10 times higher power density, the battery has longer durability and saves the cost of battery usage. Particularly, this battery technology helps reduce risks of fire and explosion, thus increasing safety for end-users.
Nyobolt’s use of HCS advanced tungsten materials in Li-ion batteries is seen as a breakthrough technology that is predicted to transform the battery industry in the near future. When commercializing this new battery product range, Nyobolt and HCS will demonstrate their foresight in developing a clean energy ecosystem.
Chairman of Masan High-Tech Materials Mr. Danny Le shared that the company aimed to move further downstream and become a global consumer-tech business, addressing the unmet needs of key industries around the world.
Accordingly, the investment in Nyobolt demonstrates Masan’s strong commitment to continue developing efficient and safe products that serve direct consumer needs. Besides funding for Nyobolt to soon commercialize tungsten-based batteries, in 2022 Masan High-Tech Materials will continue to focus on recycling raw materials, implementing carbon-neutral initiatives, and promoting circular economy development. “Our ultimate goal is to achieve long-term sustainability. To that end we are working to accelerate the development of a circular economy for batteries via enhanced recycling and innovative models of use,” said Mr. Danny Le.
Mr. Danny Le added that Masan High-Tech Materials and its subsidiary HCS are now putting all efforts into research and development of the Tungsten Scrap Recycling Plant with the ambition to turn Vietnam into the region’s leading technology center for recycling tungsten and precious metals, thereby reducing reliance on primary raw materials from mining activities.
The Financial Times ‘Tech Champions’ initiated in 2021 and nominated by FT readers help spot European companies finding scientific solutions to today’s business challenges. In 2022 out of nearly 300 submissions, FT journalists reviewed them, researched the nominated companies, and helped draw up shortlists in ten categories. Companies nominated for this year’s awards are those using technology to tackle energy shortages, economic sanctions, and broken supply chains as a result of the political turmoil in Eastern Europe and in the aftermath of the Covid-19 pandemic.