Battery Storage Player Element Energy Secures $28 Mn Fresh Funding

• The round has actually been co-led by among the largest clean energy generation firms and also Cohort Ventures.
• The financing give growth funding for continued investment in assets, logistics and facilities related to upcoming utility-scale deployments of second-life EV batteries.

California-- based battery monitoring technology business Element Energy has actually revealed the first close of $28 million in Series B funding. The round has been co-led by among the largest clean energy generation firms and also Cohort Ventures- a technology-based capital venture firm. Element Energy said that the round also consisted of additional investment from existing backers LG Technology Ventures, Edison International, Prelude Ventures and also Radar Partners.

Element Energy claims to have produced a flexible battery management system (BMS) to offer active surveillance, in-the-field diagnostics, predictive knowledge, and also dispersed control of large-scale battery systems-- causing considerably enhanced total system performance and safety and security. It said that the initial deployments of Element's BMS will be used to scale the deployment of second-life batteries. Thereafter, Element will use its technology options broadly throughout initial and also second-life energy storage as well as electrical vehicle applications.

Dr. Tony Stratakos, CEO, Element Energy, claimed, "Our technology unlocks significant improvements in battery safety, energy throughput as well as system life, boosting the value proposition of batteries throughout many systems including initial as well as second-life grid assets, electrical vehicles as well as more. We are enjoyed be executing our technology at-scale with GWh, grid-connected deployments planned in 2023 and also 2024."

Element Energy has actually additionally pointed out that the Series B funding offers it with development capital for ongoing investment in assets, logistics as well as infrastructure related to upcoming utility-scale deployments of second-life EV batteries.

Recently, Element Energy had secured over 2.5 GWh of EV batteries, as well as the U.S. Department of Energy announced a $7.9 million honor to Element for an intended 50 MWh battery project to be released together with a wind creating facility in Texas.

Complying with deployment of its multi-gigawatt guaranteed pipe start in 2023, Element Energy will remain to collaborate with strategics consisting of auto OEMs as well as gigafactories on extra second-life asset deployments, first-life battery energy storage systems, direct integration into electrical vehicles as well as more.

Element Energy also introduced that Matt Murphy, Chief Executive Officer of Marvell Technology that digs in data facilities semiconductor remedies, has actually joined the firm's Board of Directors.

" Element Energy has developed the battery administration hardware and software needed to allow efficient battery reuse at range, as well as offer budget-friendly, clean electricity for a wide range of energy storage and EV applications," said Matt Murphy. "I am delighted to sign up with the Board as Element launches into the following stage of utility-scale deployment of its technology."