Element Energy, a Menlo Park, CA-based, battery management technology company, raised $28M in Series B funding.
The round was led by Cohort Ventures, with participation from LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners.
The company intends to use the funds to continue investment in assets, logistics and infrastructure related to upcoming utility-scale deployments of second-life EV batteries.
Led by CEO Dr. Tony Stratakos, Element Energy has created an adaptive battery management system (BMS) to provide active monitoring, in-the-field diagnostics, predictive intelligence, and distributed control of large-scale battery systems – resulting in improved total system performance (energy throughput, system life and economics) and safety, all delivered on a cost-competitive basis with traditional systems. The initial deployments of its BMS will be used to scale the deployment of second-life batteries. Following these deployments, the company will offer its technology solutions broadly across first and second-life energy storage and electric vehicle applications.
Recently, Element secured over 2.5 GWh of EV batteries, and the U.S. Department of Energy announced a $7.9 million award to the company for a planned 50 MWh battery project to be deployed alongside a wind generating facility in Texas.
Element Energy also announced that Matt Murphy, President and Chief Executive Officer of Marvell Technology (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions with approximately 7,500 employees and fiscal 2022 revenue of $4.46 billion, has joined the company’s Board of Directors.
FinSMEs
15/12/2022