A University College London spinout developing fast-charging battery technology has raised $12m (£9.4m) in a Series A round.
Founded by Dr Tom Heenan and Dr Chun Tan, Gaussion aims to address the long-standing issue of charging speed, which remains a hurdle in the mass-market adoption of passenger and commercial electric vehicles (EVs).
The startup states on its website that its technology could facilitate the production of batteries that provide the average EV driver with a week’s charge (200 miles) in under 10 minutes.
Gaussion claims its batteries retain their lifespan and warranty criteria even after 1,000 charges.
According to the startup, rapid charging with traditional electrochemistry is often unpredictable and can damage cells, while next-generation technologies like solid-state electrolytes have consistently missed deployment targets.
Heenan, the company’s CEO, believes Gaussion’s technology can overcome this challenge.
“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.
“Whereas magnetic enhancement could provide step-change improvements across all chemistries, formats, and applications, affordably unlocking electrification without compromising on cost or performance,” he said.
Autotech Ventures led the round, supported by BGF and the UCL Technology Fund, managed by AlbionVC in collaboration with UCL Business.
Gaussion will use the extra capital to fund its entry into the market. This will include producing and selling its products and potentially licensing its technology for other applications.