BOLD Electrification Technology has announced a 25 million euros investment and growth plan to boost the production of electric battery systems in the fields of aerospace, automotive and marine. The plans, involving the hiring of over 50 engineers, a new UK office and a new US factory, will strengthen the company’s market position at the forefront of high-performance battery technology innovation.
Made up of a team of F1 veterans, BOLD launched in 2019 with the goal of making F1 technology available at scale, breaking into other industrial sectors. The company’s expertise in the development and production of high-performance, finished battery systems and lightweight vehicle engineering solutions has since seen its annual revenue grow by over 300% in 2022 compared to the previous year. A significant revenue growth is projected again for 2023.
After several new client wins, an investment of 3M euros and a significant increase in employee count, BOLD upgraded its Barcelona based facility with a larger office workspace and new manufacturing line in 2022. The 3,000 square meter facility allows the design, manufacture, and testing of batteries all under one roof, boosting production volumes and optimising manufacturing efficiency.
Since January 2022, the company has grown from 25 to over 125 people and expects to have a workforce of 170 by the end of 2023. The past 12 months have seen significant growth in BOLD’s UK client base, highlighting a need for a physical presence in the country. Now on the cusp of opening the doors, the new UK office, close to Silverstone (home of British Motor Racing), will occupy 10 employees.
Hot on the heels of the UK expansion, BOLD is now on the hunt for prime US locations to secure the next premises. Opening a new factory in the United States will allow the increase of crucial research and development and production of battery systems closer to US-based Aerospace clientele interested in products such as BOLDair.
The extensive growth plans were announced by the CEO of BOLD, Bernat Carreras during a facility visit from local politician and Minister of Business and Employment, Roger Torrent and Montmeló City Council Mayor Pere Rodriguez.
Bernat Carreras, said: “BOLD has grown tremendously since the launch in 2019 and we’re thrilled about the next steps in our plans. Our current facility and supply chain gives us the ability to cater easily to companies across Europe but to keep up with demand and our growing client base in the UK and US, we look forward to aligning our strategy and business operations with our physical presence globally. We are demonstrating that sustainable mobility technologies go beyond electric automotive and that through knowledge and investments in our territory we can lead a sector. We have very big challenges ahead of us, but we’re building a team ready to take on those challenges. We’re confident in our ability to develop a superior product that is currently ahead of the competition.”
With orders already received and production underway, the first aircrafts powered by BOLDair are expected to be flying by 2024. It is expected that more than 500 electric aircrafts will be flying with BOLDair batteries by 2030. Produced with carbon fibre, the same material used in Formula 1, the batteries will be used by light passenger aircrafts carrying between 2 and 9 people for regional flights. This technology allows for a significant increase in regional air transport with savings of up to 70% of CO2 in regional flights. Currently in the prototyping phase, the first BOLDair deliveries will be made within 2023 to aircraft and propulsion system manufacturers in the US to be able to carry out tests and obtain the necessary certificates.