[ad_1]
Series B investment supports deployment of Element Energy’s adaptive battery management systems as battery storage market soars
MENLO PARK, Calif., Nov. 14, 2023 /PRNewswire/ — Element Energy (“Element”), a Menlo Park-based Battery Management Technology company, today announced the close of $111 million in capital comprised of a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners, L.P. (“Keyframe”).
The Series B round is co-led by one of the largest clean energy generation companies in the U.S. and Cohort Ventures. Mitsubishi Heavy Industries, Ltd. (MHI), Drive Catalyst, FM Capital, and AFW Partners joined the Series B round, along with existing investors LG Technology Ventures, Edison International (NYSE: EIX), Prelude Ventures, and Radar Partners. Debt and equity capital was provided by Keyframe, an investor with a broad mandate seeking to solve capital market challenges to unlock growth and propel innovation.
Founded in 2019, Element has developed proprietary hardware and software algorithms applicable to both first and second life batteries to improve visualization, battery safety, and efficiency. Element’s technology is being validated on a large scale with a 50 MWh pilot project in the United States, which is expected to be completed in early 2024. Element will collect necessary data through its pilot project, obtain UL certification, and proceed to commercialize the product.
Dr. Tony Stratakos, CEO and Co-Founder, Element Energy, said, “We founded Element with the mission to speed the adoption of clean energy with technology honed in the semiconductor industry. Seeing a soaring number of new battery storage installations, our market-leading partners are realizing the value of improving the safety, lifetime and efficiency of batteries. With the additional capital and global partnerships from our Series B, we will further invest in and deploy our technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full battery energy storage systems using second life batteries.”
Stratakos continued, “We have received and screened nearly 2 GWh of second life batteries to date and are diligently working with our partners towards deployment in utility-scale applications before the end of the year.”
MHI is investing in Element to advance MHI’s battery energy storage system technology and supply chain. MHI and Element also signed a memorandum of understanding (MOU) to develop affordable power system solutions for behind-the-meter applications.
“MHI is committed to the energy transition, and energy storage systems are an important piece of the energy transition equation. MHI is pleased to invest in Element Energy for their outstanding diagnostic and management technologies. We look forward to ongoing collaboration with Element Energy to provide affordable energy solutions in the behind-the-meter space worldwide,” said Shin Gomi, General Manager in Business Development, Growth Strategy Office of MHI.
In addition to deploying its technology to first and second life battery projects, Element will deploy its software as a service with a leading battery O&M provider. Element is also reviewing opportunities to apply its technology to electric vehicle batteries.
Mark Norman, Managing Partner of FM Capital, said, “FM Capital has been impressed by the team at Element since our first meeting. Element’s patented technology dramatically improves battery pack performance, safety and useful life, reducing cost, weight and warranty expense for automotive customers. FM Capital is excited for Element to apply their solution in automotive EVs as well as second life applications for battery reuse.”
Juliana Pidner Hsu, Managing Director of Drive Catalyst, the Corporate Venture Capital Arm of the Far Eastern Group, said, “As one of Taiwan’s largest and most diversified conglomerates, Far Eastern Group is fully committed to decarbonizing operations and propelling green energy development. Energy storage may be one of the most critical areas for the energy transition blueprint of our Group. We believe and support Element Energy’s efforts in making battery storage systems more reliable, efficient, and sustainable.”
Ethan Goldsmith, Partner, Keyframe Capital, said, “We are thrilled to support Element Energy as they leverage their proprietary hardware and battery management system to both dramatically improve battery system performance, including energy throughput, system life, and economics and enable second life batteries to safely and efficiently be repurposed in stationary storage applications.”
Ethan continued, “Between the incentives provided in the IRA (Inflation Reduction Act), raw material supply chain fluctuations and uncertainty, and environmental benefits, we believe a circular economy is critical for the battery supply chain to flourish. Element Energy enables a second life for batteries on their path through this emerging industry.”
About Element Energy
Element Energy is an advanced battery management technology company founded in 2019 and headquartered in Menlo Park, California. We utilize proprietary hardware and software algorithms to improve the safety, intelligence, and economics of large-format battery systems. We seek to offer our technology solutions broadly across first and second life energy storage and EV applications. Our shareholder base includes world-renowned renewable energy technology suppliers, asset owners, developers and investors. To learn more about Element Energy, visit ElementEnergy.com.
SOURCE Element Energy
[ad_2]
Source link