Molyon, a University of Cambridge spinout specialising in lithium-sulfur (Li-S) batteries, has raised €4.3 million in its first funding round.
The investment was co-led by IQ Capital and Plural and will be directed towards scaling operations at Molyon’s Cambridge pilot facility. This will involve expanding Molyon’s team, bringing on additional battery engineers, material scientists, and operations staff.
Founded in 2024, Molyon has developed a high-energy-density Li-S battery that utilises earth-abundant materials, addressing the need for sustainable alternatives to lithium-ion (Li-ion) technology. According to Moylon, Li-ion batteries, which dominate today’s market, suffer from low energy density, reliance on critical materials such as nickel, manganese and cobalt that face supply chain issues. In contrast, Li-S batteries promise higher performance and more stable supply chains. They use readily available elements, including sulfur to offer increased range and longevity.
The challenge, until now, has been the instability of sulfur in batteries, which tends to degrade, leading to failure after a limited number of cycles. Molyon’s cathode technology, based on metallic molybdenum disulfide (MoS₂), stabilises sulfur, allowing for reliable performance over hundreds of cycles.
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.”
The technology is the result of 15 years of research conducted by Molyon’s founding team in the Chhowalla Group at the University of Cambridge. Co-founders Dr Ismail Sami (CEO) and Dr Zhuangnan Li (CTO) were both part of the research efforts.
The recent funding will enable Molyon to push forward with its plans to commercialise Li-S technology, with initial applications focusing on drones and robotics. These sectors stand to benefit significantly from the lighter weight and longer range of Molyon’s batteries. The company aims to ultimately enter the electric vehicle market, where the potential to double driving range presents a substantial advantage.
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.”
Read the orginal article: https://www.eu-startups.com/2024/11/cambridge-based-molyon-raises-e4-3-million-to-develop-next-generation-sustainable-batteries/
