Gaussion secures £9.5m to revolutionize electric vehicle battery charging

Electric vehicle (EV) adoption still faces a significant barrier: the time-consuming and often damaging process of battery charging. However, Gaussion, a spin-out from University College London (UCL), has developed a breakthrough solution that could transform the industry.

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

Gaussion’s innovative approach has raised £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 new capital injection will propel Gaussion towards market entry, supporting the production and sales of its breakthrough products, as well as potential licensing opportunities for broader 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 improves their performance without changing their fundamental structure. This offers enormous potential for multiple markets.

With a robust portfolio of patents, Gaussion is well positioned to disrupt the battery industry and provide scalable solutions to meet the rising demand for more efficient energy storage. Their technology has far-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, commented: “The drive to rapidly electrify various sectors is often hampered by the high cost of improving battery performance. Our magnetic enhancement technology provides a cost-effective breakthrough across all battery chemistries and applications, unlocking the potential for widespread electrification without sacrificing affordability or efficiency.”

BGF’s Dennis Atkinson 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 excellent team, underlines the enormous potential of their technology, and we are pleased to welcome Autotech on board.”

David Grimm, partner at the UCL Technology Fund, commented: “The slow charging speeds and battery degradation that are currently hindering mass adoption of electric vehicles are directly addressed by Gaussion’s innovative technology. The company’s journey from university research to commercialization 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 crucial time for the EV market, as consumer expectations for charging convenience continue to rise. With this financial support, Gaussion will have a significant impact on the future of electric vehicle charging. The recent increase builds on the company’s previous £2.85 million seed funding led by BGF and UCL Technology Fund in 2022.