Written by Clean Growth Fund Investment Director, Stephen Price
Clean Growth Fund is delighted to have invested in AmpliSi, a deep-tech University of Sheffield spinout developing a novel, highly scalable, low temperature process for producing porous silicon anode materials.
Our decision to back AmpliSi is based on three clear factors:
- strong technical differentiation
- credible execution capability
- And a well-defined commercial opportunity in a rapidly evolving battery market.
Silicon anodes are widely recognised for their potential to increase battery energy density and enable faster charging. Scaling silicon economically has remained extremely challenging, but AmpliSi is addressing this issue directly. Their process achieves magnesiothermic reduction of silica at temperatures significantly lower than traditional methods. This simplifies production, reduces energy inputs and enables more scalable manufacturing. It is a technical step forward that aligns well with industry priorities to achieve higher performance at comparable cost.
The team
The calibre of the people behind AmpliSi were a major contributor to our decision. The founding researchers at the University of Sheffield, Prof Siddharth Patwardhan and Dr Gwen Chimonides, bring deep process knowledge developed over many years. The addition of CEO Dr Ruth Sayers – who has previously scaled a battery technology company from early development through to acquisition – strengthens the company’s ability to translate lab scale work into commercially relevant production. We’re also delighted to be working alongside our co-investment partners, Northern Gritstone, as we deliver on our goal of supporting climate innovators across the UK.
Market fit
AmpliSi is operating in a market where demand signals are strong and increasing. Automotive OEMs, robotics / mobility companies and cell manufacturers are all looking for higher capacity anode materials that can be produced reliably and at competitive cost. In a recent report, the UK’s Advanced Propulsion Centre also identified silicon anodes as one of the top areas of strategic importance for developing a UK sovereign battery capability. AmpliSi’s early engagement with industry stakeholders reflects this interest. Their economic modelling indicates that their materials can meet price targets required for mass market batteries, positioning them well for future supply agreements as they scale.
Emissions reduction
AmpliSi’s technology meets the Clean Growth Fund’s pre-requisite climate benefit for investment. Independent assessment supports AmpliSi’s analysis that replacing graphite with porous silicon at scale could materially reduce CO₂ emissions, driven by improved energy density, reduced material requirements and accelerating the energy transition. As a specialist climate tech venture capital fund investing in UK-based innovations that significantly reduce greenhouse gas emissions or improve resource efficiency, this aligns perfectly with our mission.
Further, AmpliSi’s technology has the potential to address a key global battery supply chain issue by bringing a credible alternative anode material to the market. Currently, most lithium-ion batteries rely on graphite and China has a production monopoly on both the raw material and battery readiness. With AmpliSi’s solution, silicon challenges graphite on both sustainability and performance.
Place-based investing
Another important feature of our investment strategy at Clean Growth Fund relates to growing the UK clean economy. AmpliSi demonstrates the strength of climate tech innovation being born out of UK universities outside of the golden triangle. Our investment thesis for Fund II involves a mechanism for incubating credible, exciting UK businesses in a diversified portfolio, enabling LPs such as pension funds to access place-based investment opportunities with lower risk. Our investment in AmpliSi will allow them to grow their team, create high quality, knowledge-intensive jobs in Sheffield and contribute to a strategically important area of UK growth.
In summary, we invested in AmpliSi because they offer a technically credible, commercially relevant route to high performance battery materials; because they are led by a team capable of executing an ambitious plan to commercialise a breakthrough technology; and because their technology has the potential to contribute to more efficient, lower carbon electrification, while bringing jobs and industry to the North of England. Our investment in AmpliSi reflects a belief that the company sits at a critical convergence of breakthrough science, commercial potential and strategic market need.
We’re looking forward to the journey!
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