Battery manufacturer Nyobolt has raised $30 million, just months after warning it could run out of cash without additional funding. The Cambridge-based startup, known for its fast-charging battery technology for warehouse robotics. Secured the investment from IQ Capital, LocalGlobe’s growth fund Latitude, and strategic investors Scanian Invest and Takasago Industry. This funding round brings Nyobolt’s total investment to $100 million. Aimed at boosting research, development, and manufacturing to accelerate commercial growth.
Europe’s battery sector is at a crossroads, with the collapse of Northvolt, a once-prominent player, causing investors to become more cautious. Dealroom’s data shows that only $158 million has been raised for battery tech companies in 2025. A significant drop from the $1.2 billion raised in 2024. Nyobolt’s CEO Sai Shivareddy acknowledges the slowdown, citing how Northvolt’s failure affected investor confidence. “We’ve seen most investors holding back during this cycle,” Shivareddy explains.
Commercial Progress
Despite the sector’s challenges, Nyobolt is optimistic. The company reported $9 million in revenue for 2024, a huge leap from £67,000 in the previous year. Shivareddy expects the company to secure another $150 million in deals. Mainly from a major warehouse robotics customer in the US.
However, the startup’s December 2024 financial reports painted a more uncertain picture. Nyobolt predicted it would run out of funds by Q1 2025 unless it raised more capital. Shivareddy clarifies that the company always had enough runway for at least six months, with the warning only included due to auditors not recognizing milestone-based payments.
Nyobolt plans to double its 2024 revenue as it ramps up production and commercial output.
Nyobolt focus on Warehouse Robotics
Nyobolt was initially seen as a potential battery supplier for electric vehicles (EVs), but as of 2024, it has signed contracts primarily in warehouse and humanoid robotics. “We are still focused on EV applications but expect it to be a medium- to long-term play,” says Shivareddy, explaining the product cycles and time to market for EVs.
Navigating Tariff Uncertainty
Nyobolt’s market environment has grown increasingly uncertain due to tariffs imposed by US President Donald Trump. These tariffs, along with ongoing supply chain challenges, have prompted many European hardware startups to rethink their expansion strategies.
While Shivareddy acknowledges potential cost increases for certain components sourced from Asia, he believes Nyobolt can weather the impact due to its flexible supply chain. The company works with global contracted manufacturers, which allows them to adjust production locations if necessary. Shivareddy notes that relocating manufacturing closer to Nyobolt’s US customer could lead to higher costs, but the company is waiting for clarity on tariff impacts.
