We are pleased to announce our investment in Molyon, a University of Cambridge spinout specialising in high-energy-density lithium-sulfur (Li-S) batteries with improved performance, more earth-abundant materials and resilient supply chains.
Cambridge, 26th November 2024: 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, along with investment from Parkwalk via the FOUNDERS at Cambridge accelerator. 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.”
To find out more about Molyon, visit their website or our portfolio page here.
