Anaphite has secured £1.4 million in a Series A follow-on round through Innovate UK’s Investor Partnership Programme.
The raise includes £700,000 in grant funding from Innovate UK’s Clean Energy & Climate Technologies competition and £700,000 in matched capital from climate-focused investors Elbow Beach and World Fund.
Addressing Critical Bottlenecks In LFP Manufacturing
The company will use the funding to extend its Dry Coating Precursor (DCP®) technology beyond NMC cathodes and into lithium iron phosphate (LFP) cathodes and graphite anodes—two materials at the centre of the industry’s rapid shift toward lower-cost, durable battery chemistries.
LFP is projected to surpass 55% of global cathode demand by 2030, yet manufacturing dry-coated LFP electrodes at industrial scale remains an unresolved challenge. Current wet-coating processes are highly energy-intensive, especially for LFP, and contribute significantly to the cost and carbon footprint of cell production. With electrode mixing and coating accounting for up to 40% of manufacturing costs, a high-throughput dry-coating solution represents a major opportunity for OEMs and cell makers.
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Tackling The Complexities Of LFP And Graphite Dry Coating
Anaphite’s existing DCP® platform has already demonstrated strong performance on NMC cathodes. The company’s expertise in nanomaterials and composite engineering positions it to tackle the more demanding properties of LFP, whose latest generation uses particles as small as 0.7–3 microns—dramatically increasing surface area and making homogenous mixing far more difficult.
The DCP® method attaches binders and conductive additives directly onto active materials, creating engineered powders optimised for dry-coating lines and overcoming the limitations of conventional blending technologies.
“We’re excited to take on one of the toughest problems in dry coating,” said CEO Joe Stevenson. “Successfully scaling dry-coated LFP electrodes will unlock major cost and carbon savings across the industry. Our progress with NMC gives us strong confidence that DCP® can deliver the same advantages for LFP and graphite.”
Backing From Leading Climate Investors
World Fund partner Craig Douglas commented: “Anaphite’s platform can be applied across multiple battery chemistries. This investment strengthens its ability to scale manufacturing and reduce production costs for the global battery industry.”
Elbow Beach CEO Jonathan Pollock added: “Affordable, low-carbon batteries are essential for the future of mobility. Anaphite is building a technology that can meaningfully cut emissions and cost at the heart of the EV supply chain.”
Commercial Validation And Next Milestones
The project will focus on producing dry-coated LFP cathodes and graphite anodes via roll-to-roll manufacturing—the same process used in gigafactories today. Full-cell builds will be tested for first-cycle efficiency and long-term durability. Successful validation would unlock dry coating for a broader range of high-volume electrode materials and strengthen partnerships with global OEMs seeking lower-carbon battery production.
The work also aligns with the UK’s Advanced Manufacturing Plan, which identifies batteries and automotive supply chains as priority sectors. With BESS expected to dominate new energy-storage capacity by 2030—and LFP positioned as the leading chemistry—industrial-scale dry-coating solutions are increasingly strategic.
About Anaphite
Founded in 2018 in Bristol, Anaphite develops engineered Dry Coating Precursor (DCP®) powders that consolidate key electrode ingredients into a single material compatible with high-speed dry-coating lines. Anaphite’s mission is to decarbonise electrode manufacturing by replacing energy-intensive wet processes with scalable, low-carbon dry-coating technology.
About Elbow Beach
Elbow Beach is one of the UK’s most active seed investors in climate technologies. The firm backs industrial innovation that delivers measurable value for customers while enabling meaningful emissions reductions.
About World Fund
World Fund is a European venture fund investing in high-impact climate technologies across energy, industry, built environment, mobility, food, agriculture, and biotech. The fund manages €300 million and supports companies with strong decarbonisation potential, including cylib, Vaeridion, Planet A Foods, IQM and Space Forge.
