·      In this Series A follow-on, the £1.4M round comprises £700,000 in grant funding from Innovate UK’s Investor Partnerships:Clean Energy and Climate Technologies competition, alongside £700,000 of aligned investment from climate focused venture capital funds Elbow Beach and WorldFund.

·      The £1.4 million investment round raised through Innovate UK Investor Partnership Programme will enable battery technology company Anaphite to apply its Dry Coating Precursor(DCP®) technology to lithium iron phosphate (LFP) cathodes and graphite anodes.

Elbow Beach is pleased to announce its further investment in Anaphite, who today announced it has successfully raised £1.4 million in funding, via the Innovate UK Investor Partnership Programme. The sum is a combination of £700,000 in grant funding from Innovate UK Investor Partnerships: Clean Energy and Climate Technologies competition, alongside £700,000 of aligned investment from climate-focused venture capital funds Elbow Beach and World Fund. With it, Anaphite will expand its DCP^® technology platform – used to engineer homogenous dry composite powders for dry coating of NMC cathodes – to enable high-throughput, high-yield production of dry coated LFP cathodes and graphite anodes.

Jonathan Pollock, CEO, Elbow Beach: “The future of driving is electric, so scaling up affordable, low-carbon battery manufacturing is essential. Anaphite’s technology has the potential to significantly cut both costs and carbon footprint for battery makers and EV manufacturers, and we’re excited to support them as they lead the way in this critical sector.”

Anaphite’s CEO Joe Stevenson says: “We're thrilled to have secured this grant support from Innovate UK and the matching investment from ElbowBeach, World Fund and other Anaphite investors. This enables us to attack one of the toughest technical challenges in dry coating – successfully manufacturing LFP electrodes. Once achieved at scale, it will be enormously valuable to the industry. Anaphite's DCP^® technology has been successful with NMC dry coating formulations, and we're confident it can be applied to LFP, to further boost

Craig Douglas, Partner, World Fund comments: “Anaphite’s technology is broadly applicable across next-generation and established battery technologies alike.This investment will enable the company to significantly expand its commercial capabilities, accelerating the scale-up of its manufacturing processes and driving down manufacturing costs for the global battery industry.”

With batteries and the automotive industry highlighted as priority areas in the UK Government’s Advanced Manufacturing Plan, this project will support the UK’s Industrial Strategy and drive further growth of a strategically important technology for global OEMs. It will also help to support continued growth in the BESS sector: this is expected to account for the majority of new storage capacity added in the UK by 2030, by which time LFPis expected to be the most widely used chemistry.

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