Gaussion secures $12m series A funding to revolutionise battery charging
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Gaussion Secures $12 Million Series A Funding to Revolutionize Battery Charging
Gaussion, a University College London (UCL) spinoff, announced the successful closure of a $12 million Series A funding round. The investment was spearheaded by Autotech Ventures, with continued support from existing investors BGF and UCL Technology Fund, managed by AlbionVC in collaboration with UCL Business. The new capital is intended to propel Gaussion’s market entry, facilitating the production, sale, and potential licensing of its pioneering battery technology.
Gaussion’s innovative approach centers around the use of an external magnetic field during the charge and discharge cycles of batteries. This technique significantly enhances battery performance by steering ions within existing battery cells, enabling rapid charging and reducing cell degradation, thereby extending battery life. Unlike traditional methods that may damage battery cells or rely on unproven next-generation technologies like solid-state electrolytes, Gaussion’s solution works with current battery technologies without altering their core components. This represents a paradigm shift in battery technology, offering a scalable and viable solution to enhance energy storage systems across various applications.
Gaussion’s groundbreaking technology, has the potential to transform the battery industry. The $12 million capital injection will support Gaussion’s efforts to bring their technology to market, addressing critical challenges in the electrification of transportation and energy storage. The application of Gaussion’s technology spans a broad range of industries, including electric vehicles (EVs), construction equipment, mining operations, residential energy storage, and utility-scale energy storage.
“Slow charging speed and battery degradation are currently limiting the wide-scale adoption of electric vehicles and the broader energy transition. Dr. Tom Heenan and Dr. Chun Tan, co-founders of Gaussion, have managed to solve this problem by building an innovative solution from their university labs into a scaling company. Gaussion’s commercial application taps into a huge market need and we look forward to continuing to support them on their journey.”
David Grimm, Partner, AlbionVC (UCL Technology Fund)
The funding round comes at a pivotal moment when consumer sentiment toward EVs is reaching a critical juncture, with buyers demanding faster charging solutions comparable to the refueling speed of internal combustion engine (ICE) vehicles. Automakers are urgently seeking new technologies to meet these demands. Gaussion’s recent capital raise follows an earlier seed investment of £2.85 million in 2022, led by BGF and UCL Technology Fund, underscoring the growing confidence in Gaussion’s innovative approach.
In conclusion, Gaussion’s breakthrough in battery technology, backed by significant investment, positions the company to potentially revolutionize the EV and energy storage industries, addressing key barriers to wider adoption and enabling a more sustainable energy future.
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