Green(er) batteries

The startups out to clean the battery supply chain

Last updated: 5 Aug 2022

Market 101

Once the darling of climate transition, the lithium-ion battery has lately turned into something of a problem child. The issue: mining rare raw materials like lithium, cobalt and nickel that are essential to this technology is linked to all sorts of environmental headaches, wild price swings and — in some cases — awkward questions around working conditions. Producing battery components for rechargeable vehicles is often a dirty business — and that’s before the materials are shipped halfway around the world for their final assembly.

The environmental toll in particular threatens to overshadow the lithium-ion battery’s key advantage: it stores a lot of energy for its weight. Luckily, a number of disruptive startups in Europe are riding to the battery’s rescue. Whether they’re racing to stop lithium-ion’s fall from grace or pushing for more common, and environmentally friendly alternatives to snatch its crown, their ultimate goal is the same: to restore batteries’ green credentials.

Early stage market map

Key facts

£250bn

Projected size of Europe’s battery market in 20301

60x

Projected increase in lithium demand in Europe by 20502

30%

Proportion of valuable materials required for lithium-ion batteries that could be covered by recycling old batteries by 2030

39 startups tracked by Sifted

Change this heading in Dato

Average characteristics

Average characteristics

Sifted take

Test. Lithium-ion batteries’ supply chains are under increasing pressure, but this has done little to slow their momentum, which is being driven by falling costs and proven scalability. For startups developing alternative technologies, the question is whether these can reach efficiency and cost effectiveness faster than lithium-ion batteries can make real progress on sustainability.

Rising stars

We identify companies as ‘rising stars’ using a number of criteria including founder backgrounds, investor track record, funding and valuation, and growth signals.

Nanom

Advanced battery materials

Nano-enhanced materials

Total funding

€ 2.7m

London, UK
2011

Has developed a technology that improves battery performance by immersing materials in nanoparticles that increase the electricity-generating surface area. The technology can be applied to existing batteries to alter their energy density - or any other structure and surface that can then be turned into a storage device.

Round

Seed

Valuation

€ 2.5m (est.)


Date

2020

Size

€ 5b

Flipflow

Test

Test

Total funding

€ 777k

Athens
2011

So you two dig up, dig up dinosaurs? Hey, you know how I'm, like, always trying to save the planet? Here's my chance. Life finds a way. Just my luck, no ice. What do they got in there? King Kong? Hey, you know how I'm, like, always trying to save the planet? Here's my chance.

Round

Seed


Date

2019

Size

€ 89k

Test

Subheading Line One

Subheading Line Two

Total funding

€ 111k

Portugal
1888

You know what? It is beets. I've crashed into a beet truck. I gave it a cold? I gave it a virus. A computer virus. God help us, we're in the hands of engineers. Forget the fat lady! You're obsessed with the fat lady! Drive us out of here! Yeah, but John, if The Pirates of the Caribbean breaks down, the pirates don’t eat the tourists.

Round

Seed

Valuation

€ 123k


Date

2022

Size

€ 1k

Early stage startups to watch

ACELERON

Birmingham, United Kingdom
2016
Early VC

2.4m

2.3m

-

akksel

Basel, Switzerland
2020

-

-

-

-

Akkurate Oy

Kaarina, Finland
2016

-

-

1.2m

-

Albufera Energy Storage

Madrid, Spain
2013

-

470k

50k

-

Altris

Uppsala, Sweden
2017
Series A

1.9m

1m

15m

Arroe

Alcester, United Kingdom
2016
Seed

-

764k

-

Betteries AMPS

Berlin, Germany
2017
Seed

2.1m

2.1m

-

Bettery

Massafra, Italy
2018
Seed

150k

50k

-

Breathe Battery Technologies

London, United Kingdom
2019

-

-

-

-

BroadBit Batteries

Espoo, Finland
2015
Series A

4.5m

1m

84m

Circulor

London, United Kingdom
2017
Series A

17.7m

16.5m

-

Circunomics

Mainz, Germany
2019
Seed

2.3m

1.8m

9m

Duesenfeld

Brunswick, Germany
2017

-

-

-

-

Geyser Batteries

Helsinki, Finland
2018
Seed

2.5m

1.1m

-

Minespider

Berlin, Germany
2018
Grant

3.1m

2.3m

35m

Modo Energy

Birmingham, United Kingdom
2019
Seed

1.2m

1.2m

-

Nanom

Reykjavik, Iceland
2017
Seed

2.7m

2.5m

-

Nyobolt

Milton, United Kingdom
2020
Early VC

21.7m

10.8m

-

Europe’s success stories

Who early stage startups are up against

NAWA Technologies

(Pre-)Seed

SeriesA

SeriesB

SeriesC

SeriesD+

IPO/Exit

  • Has created a patented nanobased technology to develop ultracapacitors with ultrafast charging and a long lifespan
  • Has begun manufacturing at its facility in France, which will ultimately produce 100,000 ultracapacitor cells per month at full capacity

(Pre-)Seed

SeriesA

SeriesB

SeriesC

SeriesD+

IPO/Exit

  • Is developing a ‘SuperBattery’ based on graphene that can be used in combination with lithium-ion batteries for ultrafast charging and higher energy density
  • Plans to bring the technology to market in 2023 through partnerships with the Karlsruhe Institute of Technology and a leading automotive manufacturer

(Pre-)Seed

SeriesA

SeriesB

SeriesC

SeriesD+

IPO/Exit

  • Makes lithium-ion batteries with reportedly 80% less CO2 emissions than equivalent options
  • Procures some of its refined materials from Scandinavia and integrates manufacturing, assembly and recycling facilities at its factory, which runs on 100% clean energy

Sources

Research report

New EU regulatory framework for batteries European Parliament

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