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Gaussion secures £9.5 million to revolutionise electric vehicle battery charging

August 12, 2024

The adoption of electric vehicles (EVs) continues to face a significant barrier: the time-consuming and often damaging process of battery charging. However, Gaussion, a spinout from University College London (UCL), has developed a groundbreaking solution that could transform the industry.

By applying an external magnetic field during the charging and discharging cycles, Gaussion’s technology enables faster charging while reducing cell degradation, thereby extending battery life.

Gaussion’s innovative approach has attracted £9.5 million in a Series A funding round led by Autotech Ventures, with participation from existing investors BGF and UCL Technology Fund, managed by AlbionVC in partnership with UCL Business. This fresh injection of capital will propel Gaussion towards market entry, supporting the production and sale of its pioneering products, as well as potential licensing opportunities for wider applications.

“Gaussion’s technology introduces a new variable that enhances existing battery systems, rather than replacing them,” said Alexei Andreev, co-founder and managing director of Autotech Ventures. “By applying a magnetic field to current battery designs, Gaussion significantly boosts their performance without altering their fundamental structure. This holds vast potential across multiple markets.

With a robust portfolio of patents, Gaussion is well-positioned to disrupt the battery industry, offering scalable solutions to meet the rising demand for more efficient energy storage. Their technology has wide-reaching implications, including applications in transportation electrification, construction, mining, residential energy storage, and utility-scale energy management.

Tom Heenan, CEO and co-founder of Gaussion, noted, “The drive to rapidly electrify various sectors is often hindered by the high cost of enhancing battery performance. Our magnetic enhancement technology offers a cost-effective breakthrough across all battery chemistries and applications, unlocking the potential for widespread electrification without compromising on affordability or efficiency.”

Dennis Atkinson of BGF added, “Gaussion represents a truly innovative approach to one of the most critical challenges in the EV space. The company’s remarkable progress, driven by an outstanding team, underscores the immense potential of their technology, and we are thrilled to welcome Autotech on board.”

David Grimm, Partner at UCL Technology Fund, commented, “The slow charging speeds and battery degradation that currently impede the mass adoption of electric vehicles are being addressed head-on by Gaussion’s innovative technology. The company’s journey from university research to commercialisation is a testament to their groundbreaking work, and we look forward to supporting them as they scale.”

This latest round of funding comes at a pivotal moment for the EV market, as consumer expectations for charging convenience continue to rise. With this financial backing, Gaussion is set to make a significant impact on the future of electric vehicle charging. The recent raise builds on the company’s previous £2.85 million seed funding, led by BGF and UCL Technology Fund in 2022.