- Based on 15 years of research, Molyon has found a unique solution for stable operation of Li-S batteries, allowing their commercialization
- The funding will be used to expand the team and operations at its Cambridge facilities
Cambridge (UK) - Molyon - the spinout developing next-generation batteries with double the energy density of current lithium-ion batteries - has raised $4.6 million in its first funding co-led by IQ Capital and Plural. The funding will kickstart manufacturing at its pilot facility in Cambridge through expansion of the core team including battery engineers, material scientists and operations staff.
The rise in electrification to combat the climate crisis and eliminate fossil fuels in industries such as transportation means demand for batteries is higher than ever. Lithium-ion (Li-ion) batteries, the current industry standard, are low energy density leading to heavy batteries with limited range and recharge capacity. Li-ion batteries also rely on critical materials, including nickel, manganese and cobalt that face supply chain issues. As a result, there is a global push to discover higher-performance batteries, with resilient supply chains, to lay the foundation for an electrified world.
Lithium-sulfur (Li-S) batteries have significantly higher energy density than Li-ion and utilise readily available materials, including sulfur, the fifth most abundant element on Earth. They have the potential to solve key issues including range anxiety in EVs. However, state-of-the-art Li-S batteries have yet to be commercialised because sulfur from the cathode dissolves into the electrolyte – causing the anode to corrode and the battery to fail after only a few cycles.
Decades of material science research into state-of-the-art batteries
Founded earlier this year, Molyon has developed a cathode technology based on metallic molybdenum disulfide (MoS2) that allows sulfur to remain stable and provide high energy density over hundreds of cycles – revolutionising the Li-S battery field.
Molyon has emerged from 15 years of material science research in the Chhowalla Group at the University of Cambridge. Co-founders Dr Ismail Sami (CEO) and Dr Zhuangnan Li (CTO) met whilst studying under co-founder Professor Manish Chhowalla (Chief Scientific Officer), where they discovered and developed the high-performance cathode technology. A fourth co-founder, Dr Sai Shivareddy (co-founder and CEO of battery technology startup Nyobolt) is a commercial advisor to the company.
Since patenting the discovery, the team has demonstrated practical batteries with energy densities of 500 Wh per kg – approximately twice that of the typical Li-ion battery, showcasing the potential for Li-S batteries at such an early development stage.
Scaling up world-changing discovery
Following the new funding, which builds upon recently awarded research grants from
institutions including the University of Cambridge, Faraday Institution, Royal Academy of Engineering, Advanced Propulsion Centre, Sir Henry Royce Institute, and the European Research Council, Molyon will expand the team and begin manufacturing at its pilot facility. In the short term, this will enable the company to develop Li-S batteries for drones and robots, which will benefit from the lighter weight and improved range that Molyon’s batteries will provide. Beyond this, Molyon’s technology could double the range for transportation applications, enabling it to tap into a $85BN+ global market.
Dr Ismail Sami, co-founder and CEO of Molyon, said: “The promise of lithium-sulfur batteries has been envisaged for decades but until now it has not been possible to realise this potential because of the inherent chemistry challenges of working with sulfur. By utilising MoS2 we have achieved a groundbreaking milestone in battery technology innovation and are on track to bring this new battery chemistry to the market, creating batteries that will end range anxiety. We have an unrivalled founding team, which between us has years of commercial and research experience, along with insightful advisers and world-leading investors. Now we have the right backing to go forward and disrupt the industry for the better.”
Carina Namih, Partner at Plural, said: “Molyon’s founders have discovered a breakthrough technology with the potential to transform battery power’s suitability for use in many areas. It will improve range and performance for applications such as drones and robots, as well as for EVs, electric mobility and battery storage. This excellent and focused team has the IP, the deep technical knowledge, the drive and commercial expertise to bring this novel technology to market and build a new battery company that can challenge the legacy suppliers.”
Max Bautin, General Partner at IQ Capital, said: “Molyon have made a groundbreaking discovery in materials science to bring a step-change in battery energy density and unlock a massive market. We’ve been so impressed with the passion and experience of the Molyon team, as well as the maturity level at which they have already demonstrated the potential of their technology. We’re delighted to be supporting Molyon at this exciting point in their venture as they scale to their first pilot facility and beyond.”
