Element Energy Soars with $111M Series B Funding

Nov 15, 2023 12:07 PM ET
  • Element Energy just closed a $111 Million Series B investment to deploy its adaptive battery management systems. Co-led by a US clean energy giant & Cohort Ventures, it will use the funds to power 1st & 2nd life batteries, explore EV batteries, & acquire 2+ GWh of lightly-used EVs.

Element Energy has closed $111 million in a Series B investment and debt facility to support the deployment of its adaptive battery management systems. The round was co-led by one of the largest clean energy generation companies in the US and Cohort Ventures. Mitsubishi Heavy Industries, Drive Catalyst, FM Capital, and AFW Partners joined the Series B round, along with existing investors. The firm is now working with its partners to deploy its technology to first and second life battery projects, as well as exploring opportunities to apply it to electric vehicle batteries. Additionally, it has acquired more than 2 GWh of lightly-used EV batteries to demonstrate the efficacy of its systems.

What Opportunities Do Element Energy's Series B Facilitate?

  • Element Energy's Series B investment and debt facility will support the deployment of its adaptive battery management systems.
  • The investment round was co-led by one of the largest clean energy generation companies in the US and Cohort Ventures, with Mitsubishi Heavy Industries, Drive Catalyst, FM Capital, and AFW Partners joining the round.
  • Additionally, Element Energy's Series B enables the firm to work with partners to deploy its technology to first and second life battery projects.
  • The funding will also be used to explore opportunities to apply its technology to electric vehicle batteries.
  • Element Energy has acquired more than 2 GWh of lightly-used EV batteries to demonstrate the efficacy of its systems.
  • The Series B funding will enable further R&D in this area.
Source:
saurenergy.com

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