December 8, 2025

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United Kingdom

Anaphite has raised £1.4 million in a Series A follow-on, through the Innovate UK Investor Partnership Programme, to develop dry coating technology specifically for LFP cathodes and graphite anodes.

 

• The £1.4 million investment round raised through Innovate UK Investor Partnership Programme will enable battery technology company Anaphite to apply its Dry Coating Precursor (DCP®) technology to lithium iron phosphate (LFP) cathodes and graphite anodes.
• In this Series A follow-on, the £1.4M round comprises £700,000 in grant funding from Innovate UK’s Investor Partnerships: Clean Energy and Climate Technologies competition, alongside £700,000 of aligned investment from climate focused venture capital funds Elbow Beach and World Fund.
• The performance of LFP-based battery cells has improved dramatically over the past few years. Although LFP cathodes have a lower energy density that NMC cathodes they have become competitive in mainstream EVs.
• Anaphite’s dry coating technology has already been proven on Nickel Manganese Cobalt (NMC) cathodes. Combining this with the company’s expertise in working with nanomaterials and extensive dry coating capability, Anaphite is uniquely positioned to solve the complex challenges of dry coating LFP cathodes and graphite anodes.
• With LFP forecast to account for more than 55% of global cathode demand by 2030¹, developing a high-throughput dry coating manufacturing process will enable transformational cost and carbon footprint savings for cell makers and OEMs.
• Anaphite press shots available here: https://bit.ly/3JhYER3

Bristol, UK, 9^th December 2025: Anaphite, a UK battery technology company, has successfully raised £1.4 million in funding, via the Innovate UK Investor Partnership Programme. The sum is a combination of £700,000 in grant funding from Innovate UK Investor Partnerships: Clean Energy and Climate Technologies competition, alongside £700,000 of aligned investment from climate-focused venture capital funds Elbow Beach and World Fund. With it, Anaphite will expand its DCP^® technology platform – used to engineer homogenous dry composite powders for dry coating of NMC cathodes – to enable high-throughput, high-yield production of dry coated LFP cathodes and graphite anodes.

Manufacturing LFP cathodes is more than twice as energy intensive per kWh of battery cells produced than for NMC cathodes featuring a medium-to-high Nickel content. Optimising the material mixing and electrode coating processes, which account for 30-40% of total cell manufacturing energy and cost, is a clear route to transformational cost and carbon footprint savings for battery cell makers and electric vehicle manufacturers (OEMs).

With LFP forecast to account for more than 55% of global cathode demand by 2030¹, the demand for technologies that enable dry coating of LFP cathodes is high. However, manufacturing dry coated LFP cathodes is even more challenging than with NMC, with no commercial-scale technology proven today. With OEMs needing to meet growing consumer demand and to meet legislative requirements including the ban on new combustion engine vehicles from 2030 and 2035 in the UK and Europe respectively, a mass production solution is urgently needed.

Anaphite’s CEO Joe Stevenson says: “We're thrilled to have secured this grant support from Innovate UK and the matching investment from Elbow Beach, World Fund and other Anaphite investors. This enables us to attack one of the toughest technical challenges in dry coating – successfully manufacturing LFP electrodes. Once achieved at scale, it will be enormously valuable to the industry. Anaphite's DCP^® technology has been successful with NMC dry coating formulations, and we're confident it can be applied to LFP, to further boost the cost and carbon emission savings for OEMs.”

The latest generations of LFP (called Gen IV) have particle sizes between 0.7-3 microns compared to 3-20 microns for NMC. The much higher surface area of LFP particles introduces significant new challenges to homogenous mixing and dry film formation with LFP formulations when compared to NMC.

Anaphite, with extensive experience of working with nanomaterials and deep expertise in dry coating, is uniquely placed to solve the challenges of LFP dry electrode formulation and coating. The company’s existing DCP^® technology platform uses proprietary chemical compositing techniques to disperse difficult-to-mix materials such as binders and conductive carbons, attaching them to active material particles. This approach overcomes the limitations of other mixing techniques, which are proving ineffective at producing LFP dry coating materials.

Craig Douglas, Partner, World Fund comments: “Anaphite’s technology is broadly applicable across next-generation and established battery technologies alike. This investment will enable the company to significantly expand its commercial capabilities, accelerating the scale-up of its manufacturing processes and driving down manufacturing costs for the global battery industry.”

Key outcomes of the project include successful production of dry coated LFP cathodes and graphite anodes using the roll-to-roll coating techniques used in mass production. These will be combined into a full cell build for testing. Demonstrating maximised first cycle efficiency and cycle life will validate Anaphite technology’s ability to overcome the challenges of LFP and graphite dry coating. This will unlock dry coating for a broader range of mass market electrode materials and strengthen the company’s collaboration with global OEMs seeking to reduce the cost and environmental impact of their battery cells.

With batteries and the automotive industry highlighted as priority areas in the UK Government’s Advanced Manufacturing Plan, this project will support the UK’s Industrial Strategy and drive further growth of a strategically important technology for global OEMs. It will also help to support continued growth in the BESS sector: this is expected to account for the majority of new storage capacity added in the UK by 2030, by which time LFP is expected to be the most widely used chemistry.²

Jonathan Pollock, CEO, Elbow Beach: “The future of driving is electric, so scaling up affordable, low-carbon battery manufacturing is essential. Anaphite’s technology has the potential to significantly cut both costs and carbon footprint for battery makers and EV manufacturers, and we’re excited to support them as they lead the way in this critical sector.”

 

¹ McKinsey report: The battery chemistries powering the future of electric vehicles

² Faraday Institution report: Batteries in Stationary Energy Storage Applications

Ends

About Anaphite:

Anaphite, founded in Bristol in 2018 by CTO Sam Burrow and COO Alex Hewitt, is on a mission to decarbonise battery cell manufacturing.

As global battery demand grows, the current method used to make electrodes must change – it is energy intense, expensive and releases tonnes of carbon dioxide. Dry coating offers a cleaner, more efficient alternative, cutting energy use by around 30%, but it is difficult for battery manufacturers and EV OEMs to achieve at industrial scales.

 

Anaphite’s innovative Dry Coating Precursor (DCP®) technology addresses this challenge. DCP® powders combine all the key ingredients of a battery electrode into a single engineered material, optimised for high-speed dry-coating lines – enabling cheaper, more sustainable battery production.

About Elbow Beach: Elbow Beach is one of the UK’s most active seed investors in transformative climate technologies. We back pioneers of clean technologies that improve industrial productivity efficiencies, and outcomes. The companies we invest in have potential to create real value for their customers while achieving climate targets.

About World Fund:

 

World Fund is a leading European venture capital fund investing in climate tech companies with significant decarbonisation potential. Its portfolio spans key sectors, such as energy, industry, built environment, transportation, food, agriculture, and biotech. The fund has backed prominent companies such as cylib, Vaeridion, Planet A Foods, IQM and Space Forge. The firm manages a €300m fund and focuses on bridging the financing gap in the early growth stage.