The company also said it achieved the result without adding weight to the battery.
"This new battery represents a real step forward in the development of electric vehicles and is highly versatile, being suitable for applications for many vehicle manufacturers and across a wide range of platforms," said Axeon CEO Lawrence Berns.
Axeon received 680,000 pounds from the UK's Technology Strategy Board two years ago to lead a consortium whose goals was to develop a new EV battery system. The group also includes engineering consultants Ricardo and specialty car company Allied Vehicles.
The system the groupcame up with consists of a battery that uses nickel cobalt manganese (NCM) electrochemistry. Thistheoretically requires 50% less volume and 30% less mass when compared to lithium iron phosphate chemistry, Axeon said.
Axeon and its partners have built a demonstrator that has been deployed in a test vehicle. Axeon said the project has confirmed that it is feasible to replace lithium iron phosphate technology with NCM and that the majority of cell level benefits migrate to battery pack level.
The consortium is now looking for ways to commercialize the new technology.
Allied Vehicles Managing Director Paul Nelson said he is "looking at opportunities to deploy this technology into our vehicles.”