British company building electric car batteries that charge in five minutes has warned it could run out of cash by March unless it secures new funding.
Cambridge University spin-out Nyobolt is looking for cash after burning through a £50m fund raised by investors two years ago.
It comes months after the company unveiled a 155-mile electric vehicle that could go from 10cc to 80cc in five minutes.
A series of battery companies from Britain and Europe have tried to challenge China's capability in battery technology but many have failed to make a profit.
Nyobolt's latest accounts, which were approved in November, said the company had made a loss of £20m on revenues of £67,000 in 2023.
This led to bosses warning: “If the group cannot raise money, the group will run out of money (late in the first quarter of 2025).”
However, since the accounts were published, Nyobolt said it had signed new links that would allow it to continue trading beyond March, while also claiming the company was on the brink of new funding.
A spokesman said: “The accounts quoted date back to 2023 and do not reflect how far we have come with our position today.
“Since then, Nyobolt has launched new products and unveiled a fully working prototype vehicle that showcases our ultra-fast charging battery technology.
“In 2024, Nyobolt started to gain revenue from customers and had contracts worth over $120m (£97m). We will announce further contracts in the first quarter of 2025.
“Looking forward, we are continuing to raise funds with existing and strategic investors, with the next round closing soon, which will see us through 2025 and into profitability.
Nyobolt has said it is in talks with eight car manufacturers about using its battery technology in an electric supercar.
The company's technology uses patented compounds that allow batteries to charge faster than conventional cells without the risk of overheating.
In June, it showed off a custom vehicle that charged from 80cc in less than five minutes, twice as fast as current vehicles on the market, promising electric cars that could charge almost as fast as petrol cars can be filled.
He says faster charging times that make it easier to refuel vehicles could mean cars being sold with smaller batteries and lower ranges as motorists would be sold. less reluctant to give up and recharge. This could cut the cost of EVs, of which the battery is a significant part.
Its technology is already used in areas such as factory robots, where fast charging is used to limit downtime.