1 The EIC Accelerator Project
The EIC Accelerator program is a flagship initiative under the European Innovation Council (EIC), designed to support small and medium-sized enterprises (SMEs) and startups in scaling their innovative solutions, particularly in the deep tech sector. This program focuses on providing both financial support and strategic guidance to high-potential companies that aim to bring groundbreaking technologies to the market.EIC Accelerator Funding Structure
The EIC Accelerator offers a unique funding structure that includes both grants and equity investments. The grant component can reach up to €2.5 million, providing crucial non-dilutive funding that allows companies to develop their projects without immediate pressure to repay or give away equity. This grant funding is typically allocated for activities such as technology development, testing, and validation, thereby enabling companies to enhance their innovation capabilities.
In addition to grants, the EIC Accelerator also offers equity investments, which can go up to €15 million until 2024. From 2025 onwards, this investment cap will be reduced to €10 million. This equity investment is designed to support the scaling of companies by providing them with the necessary capital to expand operations, enter new markets, and further refine their technologies.
Purpose of the EIC Accelerator
The EIC Accelerator plays a critical role in the European deep tech and startup ecosystem by bridging the funding gap that often exists for innovative companies. Many startups face challenges in securing sufficient investment from private sectors due to perceived risks and uncertainties associated with pioneering technologies. The EIC Accelerator mitigates these challenges by providing substantial funding and facilitating access to additional private investment, thus fostering a conducive environment for innovation.
The program not only offers financial resources but also provides access to a network of experts and mentors who can guide companies through the scaling process. This holistic support ensures that businesses can effectively leverage their innovations while reducing the time to market.
Case Study: Broadbit Batteries Oy and the SodiScale Project
Broadbit Batteries Oy is an EIC Accelerator winner that submitted its Step 2 proposal on October 6, 2021, and subsequently excelled in the Step 3 interview process. The company is renowned for its groundbreaking project, SodiScale, which aims to revolutionize battery technology by utilizing more common, safe, and readily available raw materials.
Project SodiScale
The SodiScale project is focused on developing a new type of battery that is not only cheaper but also more efficient than conventional lithium-ion batteries. The core innovation lies in the use of sodium-ion technology, which leverages sodium—an abundant and widely available element—compared to lithium that is often subject to supply chain constraints and price volatility.
Technology Background
Sodium-ion batteries are gaining traction as a viable alternative to lithium-ion batteries, primarily due to the following advantages:
By harnessing these advantages, the SodiScale project positions itself at the forefront of the transition towards more sustainable energy storage solutions. Broadbit Batteries Oy's vision aligns with global efforts to reduce carbon footprints and promote environmental sustainability, making it a valuable player in the evolving energy landscape.
In summary, the EIC Accelerator is pivotal in empowering innovative startups like Broadbit Batteries Oy, enabling them to scale their technologies and contribute to the European and global shift towards sustainable energy solutions. The SodiScale project exemplifies the potential of sodium-ion technology to transform the battery landscape, underscoring the importance of supportive funding mechanisms in fostering innovation.
2 The Funding Rounds
BroadBit Batteries Oy: Financing and Funding Overview Since EIC Accelerator Win
Company: BroadBit Batteries Oy
Country: Finland
EIC Accelerator Cut-off Submission Date: October 6, 2021
Financing Raised & Funding Rounds
- As of the most recent data, BroadBit Batteries has raised a total funding of approximately $3.66 million USD, with the highest confirmed funding stage being Seed.
- In December 2021, following its successful EIC Accelerator application, BroadBit was awarded a grant of €2.5 million (about $2.8 million USD) from the European Innovation Council (EIC) to support commercialization of its sodium-salt battery technology.
- The EIC award also includes the possibility for an additional €8 million (~$9 million) in equity investment, conditional on securing matching third-party funds.
Historical Funding Timeline
| Date | Round/Source | Amount | Details |
|---|---|---|---|
| Dec 2021 | EIC Accelerator Grant | €2.5M | Non-dilutive grant for R&D and scale-up |
| Ongoing | Potential EIC Equity Round | Up to €8M | Contingent on matching private funds |
| Prior rounds | Seed | ~$3.66M total | Highest confirmed stage before EIC round |
<em class="publication">Exact breakdown/timing for previous seed or other rounds is not fully detailed in public sources but total disclosed non-EIC funding is estimated at $3.66M.
Investor Information
- Notable investors include:
- Plug and Play
- Airbus BizLab
- The company continues to seek additional investors as part of requirements for unlocking further equity investments under the terms set by the EIC award (matching third-party capital).
- Investor contact is specifically directed via CEO David Brown.
Company Valuations
- No official public valuations have been disclosed.
- EquityZen lists pre-IPO share purchasing options, suggesting there may be secondary market activity among accredited investors but does not specify a valuation without membership access.
Exit Events: IPOs, Buyouts & Acquisitions
As of April 23, 2025:
- There are no records indicating that BroadBit Batteries has undergone an IPO or been subject to acquisition or buyout events.
- Shares do trade privately among accredited investors via platforms like EquityZen; however this does not constitute a full exit event such as an IPO or corporate acquisition.
Additional Notes on Recent Developments Post-EIC Award
Following receipt of the grant:
BroadBit’s management remains actively engaged in outreach to secure required private matching investments necessary for accessing further tranches of EU-backed capital under their awarded program.
Sources
- BroadBit Batteries Oy - Company Profile, Funding Data
- BroadBit Batteries - Products, Competitors, Financials
- BroadBit Batteries company information
- BroadBit Batteries wins EIC Accelerator award
- Invest In BroadBit Batteries Stock
- Green Battery Technology - Broadbit Batteries
3 The Press Releases
BroadBit Batteries Oy, a Finnish technology company, has been advancing revolutionary battery technology since winning the EIC Accelerator funding following their Step 2 proposal submission on October 6, 2021. Their innovations focus on novel sodium-based chemistries aimed at powering the green economy with safer, more affordable, and scalable battery solutions.Key Technology Advancements
- BroadBit develops batteries based on metallic sodium and abundant materials like sodium chloride (table salt), enabling high-performance energy storage for electric vehicles (EVs), portable electronics, starters, and grid applications. Their batteries offer benefits such as higher specific energy—over 1.5 times the range of traditional lithium-ion at similar cost—improved safety with non-flammable electrolytes, stable fully discharged states for safe transport/storage, and scalability due to low-cost raw materials.
- A notable breakthrough is their ProLion electrolyte which enhances lithium cobalt oxide (LCO) cathode performance by increasing cycle life by 75%, raising stable operating temperature by 15°C, improving low-temperature conductivity by 30%, and boosting cathode energy capacity by at least 22% without altering cell composition or manufacturing processes. This translates to a record-setting cathode gravimetric energy density of about 643 Wh/kg—a significant advancement promising longer EV ranges without added cost.
Partnerships
Team Updates
Patents and Intellectual Property
Recognition & Events
- In September 2020 BroadBit was recognized among Top-10 Energy Challengers in the Battery category at the Energy Tech Summit held globally in April 2022 where CEO David Brown participated as a pitching finalist showcasing their advanced cobalt-, nickel-, rare-earth-free battery technologies designed for enhanced range/use time and sustainability.
- Earlier presentations include invited talks at major industry conferences such as IDTechEx Show USA focusing on post-lithium ion innovations using metallic sodium-based chemistries dating back to events held since at least November 2017.
Communication Channels & Press Releases
BroadBit publishes news updates primarily via their official website broadbit.com/news/. Recent press releases emphasize technological breakthroughs like ProLion electrolyte enhancements that improve LCO cathodes' energy density along with announcements regarding partnerships such as that formed with Bergen Carbon Solutions focusing on carbon nanotube additives for LFP chemistry enhancement. No active blog posts were found beyond these technical news updates.
In summary, since receiving EIC Accelerator funding after October 2021 submission cutoff date:
- BroadBit Batteries Oy has focused on commercializing advanced metallic sodium-salt batteries offering superior safety/cost/performance.
- They achieved significant electrolyte advancements increasing LCO cathode capacity/efficiency.
- Engaged strategic partnerships targeting further material improvements.
- Maintained strong leadership team experienced in innovative electrochemistry R&D.
- Built substantial IP portfolio supporting disruptive green battery tech.
These developments position BroadBit strongly within next-gen sustainable battery markets for EVs and stationary energy storage.
Sources
Broadbit.com - Company Overview ProLion Electrolyte News Bergen Carbon Solutions Partnership Announcement Business Finland Profile Energy Tech Summit Recognition4 The Technology Advancements
BroadBit Batteries Oy, a Finnish technology company, is focused on developing revolutionary sodium-based battery technologies that offer safer, more cost-effective, and scalable energy storage solutions for electric vehicles (EVs), portable electronics, starters, and grid applications. Since receiving EIC Accelerator funding on October 6th, 2021, BroadBit has advanced its proprietary Sodium-Salt battery chemistry and related lithium-ion electrolyte innovations with notable progress in commercialization, patent grants, partnerships, and product demonstration.Current Capabilities
- BroadBit's core technology centers around metallic sodium batteries using abundant materials such as sodium chloride (table salt). Their batteries promise higher specific energy than traditional lithium-ion alternatives (over 1.5x vehicle range at comparable cost), fast recharge times (~5 minutes full charge), improved safety via non-flammable electrolytes and stable discharged states reducing fire risks during transport/storage.
- The company also develops novel lithium-ion electrolytes branded ProLion™, which provide enhanced voltage limits (+10%), wider operating temperature ranges (+15°C), increased cold conductivity (+30%), higher ignition temperatures (+100°C) and significantly extended cycle life (4x compared to standard Li-ion).
- BroadBit targets multiple markets including EVs with longer range needs; starter batteries that perform well at low temperatures or after over-discharge; portable electronics requiring lighter weight and longer battery life; as well as stationary storage for renewable energy integration.
Advancements Since EIC Accelerator Funding in October 2021
- Commercialization: Following the funding award of €2.5M from the European Innovation Council in late 2021 aimed at accelerating scale-up of their Sodium-Salt batteries for next-gen EVs and other applications, BroadBit has progressed from lab samples to industrial prototypes ready for commercial deployment.
- Patents: The company holds about 90 patents pending globally with over 25 granted covering chemistries, cell structures & manufacturing processes. Notably:
- A broad U.S. patent covering their metallic sodium battery technology was granted recently in October 2024 (US Patent No. US15/764860) protecting key variants with SO2-, amine-, ammonia-based electrolytes across cathode types.
- Additional patents on electrochemical cells optimized for high-energy density or high-power use have been granted since then.
- Product Launches: They have launched their first product ProLion Li-ion electrolyte commercially while continuing development of Sodium-Salt cells toward market readiness.
- Partnerships & Demonstrations:
- In early 2024 BroadBit entered a strategic collaboration with Bergen Carbon Solutions to develop nano-carbon additives improving Lithium Iron Phosphate (LFP) cathodes’ conductivity—demonstrating active testing at their Finnish labs aiming to optimize formulations tailored for LFP batteries used widely in EVs and stationary storage.
- The company reports supplying samples/demonstrators/proofs-of-concept to leading battery manufacturers automakers/government customers indicating initial market validation steps underway.
Improvements & New Features
Since receiving the EIC funding:
- Their novel ProLion™ electrolyte improves charging voltage ceiling by +10%, extends safe operating temperatures by +15°C versus standard Li-ion electrolytes while enhancing safety via no toxic byproduct formation upon water exposure plus quadrupling cycle life across different chemistries like NMC or LFP cathodes.
- The Sodium-Salt batteries promise ultra-fast recharge capability (~5 minutes full charge), better durability especially under harsh conditions like cold starts where conventional starter batteries fail due to overdischarge or temperature sensitivity.
- Environmental sustainability is a major feature—removing reliance on cobalt/nickel/rare earth metals reduces resource risk/cost enabling scalable production without raw material scarcity concerns.
Market Demonstrations & Trials
BroadBit has demonstrated its technology through:
- Industrial prototype samples provided to automotive partners
- Battery coin cell testing alongside collaborators such as Bergen Carbon Solutions
- Proof-of-concept devices delivered to top-tier customers including government entities
Scientific Publications & Whitepapers
While no direct mention of newly published scientific papers post-funding was found publicly available online during this period:
In summary,
BroadBit Batteries Oy has leveraged its EIC Accelerator funding awarded in late 2021 effectively by strengthening its technological IP portfolio with key patents granted recently; advancing commercialization of proprietary advanced lithium ionic electrolyte products; progressing industrial prototype demonstrations especially relating to innovative sodium-salt based rechargeable cells promising faster charging times combined with improved safety/scalability; partnering strategically within the supply chain ecosystem; delivering demonstrators/samples validating real-world potential; all positioning them strongly towards disrupting current lithium ion dominated markets focusing on greener sustainable alternatives.
Sources
Broadbit.com official site Broadbit Batteries Oy profile – Business Finland Broadbit Patents – Justia Broadbit’s important US Patent announcement Sodium Salt Battery Overview Presentation Oct.23 PDF Bergen Carbon Solutions Partnership Announcement EIC Accelerator Award news ArcticStartup Broadbit Advanced Electrolyte Reveal March22 News5 The Partnerships and Customers
BroadBit Batteries Oy, a Finnish company specializing in revolutionary sodium-based battery technologies, has engaged in several significant partnerships and collaborations since winning the EIC Accelerator funding in October 2021. These relationships are strategically positioned to advance its technology development, commercialization efforts, and market positioning.Partnerships and Customers
1. Bergen Carbon Solutions (BCS) – Technology Development Agreement
BroadBit Batteries entered into a strategic collaboration with Bergen Carbon Solutions focused on advancing next-generation nano-carbon additives for Lithium Iron Phosphate (LFP) batteries. This partnership includes rigorous battery coin cell testing at BroadBit's labs to optimize carbon nanotube (CNT) formulations tailored for LFP chemistries. The alliance is intended to enhance battery performance by incorporating advanced conductive additives.
2. Kapsch TrafficCom – Demonstration Collaboration
BroadBit has cooperated with Kapsch TrafficCom, an international supplier of intelligent transport systems, showcasing their 18650 format high-energy sodium chloride batteries integrated into Kapsch's GNSS on-board units at the ITS World Congress. This collaboration highlights BroadBit’s technology applied in real-world transportation solutions.
3. Nanoloy B.V., Rio Tinto Group, Alkegen – Joint Development Partners
In early 2024, BroadBit joined forces with Nanoloy B.V., which specializes in plasma-printed super-materials manufacturing for batteries; Rio Tinto; and Alkegen as initial joint development partners aiming at cheaper, better, safer electrode materials using AI and plasma manufacturing technologies. This partnership focuses on producing advanced battery electrodes that improve service life by 33%, energy density by 50%, safety enhancements, while reducing production costs significantly.
Nature of New Relationships and Purpose
- Technology Advancement: Many partnerships focus on co-developing new materials or components such as CNT additives (with BCS), silicon anodes (with PEM RWTH Aachen University via Nanoloy), or novel electrolytes and cathodes based on proprietary chemistries to improve safety, cycle life, charging rates, operating temperature ranges while lowering costs.
- Product Commercialization: Collaborations like those with Kapsch TrafficCom serve demonstration purposes showing the readiness of BroadBit’s sodium-salt batteries for practical applications including electric vehicles (EVs), grid storage solutions and portable electronics.
- Scaling Production: The joint projects aim at scaling up production capabilities by leveraging expertise from partners specialized in materials processing technologies such as plasma printing combined with AI optimization approaches developed by Nanoloy partnered entities.
Market Positioning Impact
These relationships position BroadBit Batteries Oy strongly within the emerging green economy focused on sustainable battery innovation:
- They enable BroadBit to differentiate through safer cobalt-free cathode chemistry using abundant sodium salts rather than scarce lithium or cobalt resources.
- Partnership-driven advancements facilitate the creation of high-performance cells suitable for EVs that can operate safely over wide temperature ranges without heavy cooling systems — potentially reducing vehicle battery pack weight significantly while maintaining competitive energy density (~125–140 Wh/kg).
- By collaborating across sectors from material suppliers like Rio Tinto to tech developers like Nanoloy and academic institutions such as RWTH Aachen University/PEM Motion GmbH, they enhance R&D capabilities accelerating time-to-market.
- Working closely with industry players enhances credibility among customers seeking scalable low-cost alternatives to lithium-ion technology—addressing range anxiety issues via longer-lasting sodium-based solutions.
How These Relationships Help Technological Advancements & Scaling
- Access to cutting-edge carbon nanomaterials from Bergen Carbon Solutions improves conductivity and longevity of electrodes.
- Plasma-printing techniques combined with AI insights from collaborations involving Nanoloy allow breakthrough manufacturing processes that lower environmental impact while boosting quality.
- Engagements with research centers like FME Battery Research Center foster innovation around circular economy concepts enhancing sustainability credentials.
- Joint developments expedite prototype validation cycles through shared lab facilities enabling rapid iteration toward commercial-scale products.
In summary: Since receiving EIC Accelerator funding in late 2021,BroadBit Batteries Oy has secured key partnerships primarily aimed at refining their novel sodium-salt battery technology through advanced material science collaborations (e.g., CNT additive development), demonstrative applications alongside industrial partners such as Kapsch TrafficCom,and innovative manufacturing advances involving plasma printing led by Nanoloy supported further by major raw material providers like Rio Tinto.These alliances collectively position BroadBit competitively within next-generation safe,economical,sustainable battery markets while accelerating technological maturation and scale-up capacity critical for broader market adoption.
Sources
-PDF Q1 Report 2024 Euronext related info about BCS & UiB collaboration regarding CNT testing -Nanoloy partnership news -Kapsch TrafficCom cooperation news -Battery cells unveiling news6 The Hiring and Company Growth
BroadBit Batteries Oy: Team Growth and Development
Current Headcount and Team Size
As of the latest available information, BroadBit Batteries Oy employs approximately 10 people, all of whom hold PhDs or MScs. This small but highly skilled team reflects the company's focus on research and development in battery technology.Hiring Status
There is no specific information available on whether BroadBit Batteries Oy is currently hiring. However, the company seeks investors, customers, and development partners, indicating an interest in expanding its network and potentially its workforce.Growth
Since receiving EIC Accelerator funding, BroadBit Batteries Oy has continued to develop its innovative sodium-based battery technologies. The company has raised additional funding and is scaling up production of its products, such as the ProLion Li-ion electrolyte. This growth is crucial for expanding its presence in the market and meeting increasing demand for sustainable battery solutions.Key Positions
Key positions include the CEO, David Brown, and the Chief Battery Engineer, Artem Faustov. David Brown brings extensive experience in founding and leading companies, while Artem Faustov has significant expertise in lithium-ion batteries. There is no recent information on new hires, but the existing team's expertise is pivotal for advancing BroadBit's battery technologies.Impact of New Team Members
While there is no detailed information on recent team additions, any new members would likely contribute to enhancing research capabilities, improving battery performance, and supporting the commercialization of BroadBit's products. These additions would be crucial for expanding the company's product line, scaling production, and meeting market demands.Management and Founding Team Changes
There are no reported changes in the management or founding team of BroadBit Batteries Oy since the EIC Accelerator funding. The core leadership remains consistent, with David Brown as CEO and a team of experienced professionals guiding the company's technological advancements.Future Prospects
BroadBit Batteries Oy is positioned to play a significant role in the transition to sustainable energy solutions by providing cheaper, safer, and more environmentally friendly battery technologies. The company's focus on sodium-based batteries offers a promising alternative to traditional lithium-ion batteries, potentially leading to increased market share and growth in the renewable energy sector.Sources
7 The Media Features and Publications
BroadBit Batteries Oy: An Overview Since EIC Accelerator Funding
BroadBit Batteries Oy, a Finnish company, received EIC Accelerator funding on October 6, 2021. Since then, the company has continued to develop its revolutionary sodium-based battery technologies, focusing on sustainability and innovation.
Media Features and Publications
BroadBit Batteries has been mentioned in several publications for its groundbreaking sodium battery technology. For instance, the company was awarded a significant patent in the U.S. for its metallic sodium battery technology, which includes cells made with various electrolytes and is not limited by cathode choice. IDTechEx has also featured BroadBit Batteries, highlighting its development of high-energy and high-power batteries with applications in electric vehicles and consumer electronics.
Content from Publications
Publications often emphasize BroadBit's commitment to reducing environmental impact through the use of abundant and non-toxic materials like sodium chloride (NaCl), or table salt. This approach enables the production of batteries at lower costs and with improved environmental friendliness.
Podcasts and Interviews
While specific podcasts featuring BroadBit Batteries' team are not widely documented, CEO David Brown has presented on sodium salt battery technology, focusing on its status, manufacturing, and applications.
Conference and Fair Visits
BroadBit Batteries has participated in various events such as the ITS World Congress, where they showcased their sodium chloride batteries in partnership with Kapsch TrafficCom. They have also been involved in matchmaking events like the EU-Japan Green Transition, focusing on green energy and decarbonization.
Involvement in Events
The company's involvement in events often centers around showcasing their innovative battery solutions. For example, at the Digital Days Battery Show 2020, they provided updates on their activities. Their participation in such events highlights their commitment to advancing sustainable energy solutions.
Sources
- BroadBit Batteries is awarded its most important patent to date
- BroadBit Batteries Oy timeline by IDTechEx
- BroadBit exhibits its new sodium batteries with Kapsch TrafficCom
- Start-Up Combines the Power of Plasma and AI to Manufacture Cheaper Batteries
- Sodium salt battery technology: Status, manufacturing and applications
- Broadbit Batteries | Green Battery Technology
- Wolves Summit Startups List
- Invest In BroadBit Batteries Stock | Buy Pre-IPO Shares | EquityZen
- BroadBit Batteries Oy | EU-Japan Green Transition
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