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Green Breakthrough Ventures invests

Green Breakthrough Ventures invests

Green Breakthrough Ventures (GBV for short), a thought-leading early investor in energy, cleantech and mobility ventures has invested into Anodox AB (“the Company”). The investment will be used to support the senior management team in taking Anodox through its next stage of growth, assisted by GBV’s expertise in the sector.

Very early in the due diligence process, GBV introduced NovAzure to the Company. NovAzure previously supported GBV in helping accelerate Pivot Power (an energy storage project developer now wholly owned by EDF) and also have expert insights into the e-mobility sector. NovAzure and GBV then became co-investors in Anodox’s pre-seed round.

Originally formed in 2016, Anodox’s founders have strong automotive industry pedigrees and are highly regarded in their respective fields. The Company’s consulting assignments have included high-profile projects with internationally recognised brands to deliver projects which have garnered coverage in automotive industry focussed media. The Company is now looking to pursue large product supply contracts, targeting the rapidly expanding Electric Vehicle (EV) and stationary Energy Storage Systems (ESS) markets. Sales in these sectors are estimated to be worth over 50 bn per annum with a 40% CAGR.

Anodox’s market performance combines several innovations to dramatically improve the performance and reduce the cost of lithium-ion batteries. This will be of particular value in applications which were previously constrained by cost and/or performance issues.

Dr Neil Williams from GBV, adds

Anodox’s approach to solving battery supply chain challenges promises a potential step change improvement in the effectiveness of emerging solutions in mobility and across the electricity grid. Some GBV portfolio companies have been hampered by demand outstripping supply. We are therefore delighted to support the building of additional capacity in the European battery sector.

Chris Gruen, CEO, NovAzure, commented:

It has been a pleasure working with the high performing team at Anodox as it continues to bring innovative battery supply solutions to market. The technical and commercial experience in the management team, together with the opportunities in rapidly expanding markets such as e-mobility and flex markets, suggest that Anodox is poised for substantial future growth.

Theo Zannakis, CEO, Anodox, commented:

Anodox is revolutionising the way that energy systems are sourced, supplied and maintained. Our partnership with GBV comes at a vital stage of the company’s development, and will enable us to take advantage of the substantial market opportunities available, accelerate our growth and drive efforts to commercialise our new high performance 48V and high voltage energy systems.