Electric Vehicle
Battery Tech in the UK
2023
January 2023WIP
Awaiting design Building a thriving, inclusive research and innovation systemGlobal startup & venture capital intelligence platform.
UK Research and Innovation convenes, catalyses and invests in closeDealroom.co is the foremost data provider on startup, early-stage and
collaboration with others to build a thriving, inclusive research and growth company ecosystems in Europe and around the globe.
innovation system that connects discovery to prosperity and public good.
Founded in Amsterdam in 2013, we now work with many of the world;s
The Faraday Battery Challenge is delivered by Innovate UK for UK Research most prominent investors, entrepreneurs and government organizations to
and Innovation on behalf of the UK government. With an investment ofprovide transparency, analysis and insights on venture capital activity.
lb541 million between 2017 and 2025, the challenge aims to make the UK a
science superpower for batteries. By supporting the UK’s world-class
battery facilities along with growing innovative businesses that are
developing the battery supply chain for our future prosperity.
This is delivered through three partners; the Faraday Institution, Innovate
UK, and UK Battery Industrialisation Centre, and sitting as part of a wider
and interconnected support programme for battery development and
commercialisation.
Page / 2 The Electric Vehicle (EV) landscape is a vast interconnected ecosystem. This report focuses on its
foundation component, EV batteries.
Renewable energy
EV (parts)
manufacturing
Scope of this reportAutonomous
Vehicles
EV Fleet
optimisation
The UK Electric
Tier 3 Semiconductor
Tier 2Vehicle Battery Manufacturing
Vehicle Ecosystem
integration
Other cell and battery
manufacturing
Energy storageSafetytech
Protect users from
(not for EV)
harmful online content,
create a safer and moreLegal Tech
Edtech accessible cyberspace.
Excluded: Advanced materials Help users learn or Help users access legal
EV Chargingoperate better by makingexpertise or justice,
EV Marketplaces learning more affordable,facilitate regulatory
efficient or effective. compliance and the
Cyber practice of law.
Page / 3 Source : Dealroom.co SecurityThe EV Battery ecosystem - material manufacturing to recycling.
EV Battery material manufacturing
Li-ion cell manufacturing
The UK Electric EV Battery manufacturing
Vehicle Battery
Ecosystem EV Battery management systems
EV Battery recycling & second life
EV Battery supply chain
Deep Tech
Page / 4 Source : Dealroom.coKey takeaways.
The value of the UK EV Battery UK EV Battery startups raisedThe UK EV Battery ecosystem
tech ecosystem has dropped since $418M, their second best year on ranks second in Europe for VC
2021, but overall value of privaterecord. Investment.
startups is still growing.
Investment has grown 5.4x between 2017 With $1.2B raised since 2018, the UK
and 2022, to reach $418M. Growth in
The UK EV Battery tech ecosystem grew in ranks second in Europe, and third
investment has been driven by late stageworldwide (excluding China).
value to reach $10.8B in 2021. It was cut rounds and a few megarounds, raised by
75% to reach $2.7B in 2022. The value ofNexeon, Zenobe and Arrival.
private startups continues to grow overall,
however, and excluding Britishvolt has
doubled since 2021.
Combined enterprise value of Investment raised by UK EV BatteryCombined VC Investment in EV Battery
UK EV Battery startups startups startup since 2018*
Value of public companies
Value of private companies United States
$10.8B
Valuation of Britishvolt $451M
$418M Sweden
United Kingdom $1.2B
$215M South Korea
$2.7B Canada
$2.2B
Taiwan
2016 2017 2018 2019 2020 2021 2022
2016 2017 2018 2019 2020 2021 2022
Page / 5 Source : Dealroom.co. *2022 Valuation of Britishvolt has been adjusted following the news of its liquidation. *China is excluded from this analysis.
VC Investment in UK EV Battery startups >> view online
$500M
$456M
$418M
$400M
$300M
$229M
$200M
$100M $77M $74M
$55M
$34M
2016201720182019202020212022