Move on from Li-ion: Molyon raises €4.3M to charge its lithium-sulfur battery tech

Cambridge-based Molyon, a company focused on developing next-gen lithium-sulfur batteries, has raised $4.6M (approximately €4.37M) in its first funding round, co-led by IQ Capital and Plural. 

The funds will support the expansion of its team, including battery engineers, material scientists, and operations staff, to facilitate manufacturing at its pilot facility in Cambridge.

Next-generation lithium-sulfur batteries

With the increasing demand for batteries driven by electrification efforts, particularly in transportation, Molyon aims to address the limitations of Li-ion batteries, such as their low energy density and reliance on critical materials like nickel, manganese, and cobalt. 

The company is focusing on lithium-sulfur (Li-S) batteries, which offer higher energy density and use more abundant materials like sulfur. However, due to issues with the cathode material, these batteries have faced challenges in commercialisation.

Molyon, a new spinout from the University of Cambridge, has created a new cathode technology using metallic molybdenum disulfide (MoS2) that stabilises sulfur, enabling lithium-sulfur (Li-S) batteries to achieve high energy density over hundreds of cycles.

This development comes from 15 years of research at the University of Cambridge’s Chhowalla Group. Co-founders Dr Ismail Sami and Dr Zhuangnan Li worked under Professor Manish Chhowalla, who also co-founded the company. Dr Sai Shivareddy, co-founder of Nyobolt, advises the company.

The company shows that its batteries can achieve energy densities of 500 Wh per kg, roughly twice that of typical lithium-ion batteries, highlighting the potential of Li-S technology at an early stage.

Capital utilisation

With new funding and recent research grants from organisations like the University of Cambridge and the European Research Council, Molyon plans to expand its team and start manufacturing at its pilot facility. 

Initially, the company will focus on developing lithium-sulfur (Li-S) batteries for drones and robots, which will benefit from the lighter weight and longer range of Molyon’s batteries. 

In the long term, the technology could double the range for transportation, allowing Molyon to target a global market.

Dr Ismail Sami, co-founder and CEO of Molyon, says, “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 (molybdenum disulfide), 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,” adds Dr Sami.

Brief about the investors supporting Molyon

Plural is an early-stage investment fund, launched in June 2022, that supports ambitious founders in Europe with experienced investors. Based in Tallinn and London, its mission is to drive economic impact in Europe, address systemic risks, and reduce the global opportunity gap through its investments in tech-driven companies.

Speaking about the investment in Molyon, Carina Namih, Partner at Plural, says, “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.”

IQ Capital is an early-stage VC firm that supports deep tech entrepreneurs in Europe. Since 2005, it has partnered with over 100 founding teams to turn technologies into successful, long-lasting businesses, backed by a team of experienced investors and a global network.

On the recent investment, Max Bautin, General Partner at IQ Capital, says, “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.”