Capital raise follows Element Energy's
procurement of over 2.5 GWh of EV batteries to be redeployed in
utility-scale energy storage applications
Matt Murphy,
President and CEO of Marvell Technology, joins Element Energy Board
of Directors
MENLO
PARK, Calif., Dec. 14,
2022 /PRNewswire/ -- Element Energy ("Element"), a
Menlo Park-based advanced battery
management technology company, today announced the first close of
$28 million in Series B financing.
The round is co-led by one of the largest clean energy generation
companies and Cohort Ventures, a technology-focused venture capital
firm with U.S. military roots. The round included additional
investment from existing strategic backers LG Technology Ventures,
Edison International (NYSE: EIX), Prelude Ventures, and Radar
Partners.
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.
Launched in 2019 by a seasoned team of leading electrical
engineers and electro-chemists, Element 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 dramatically
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
Element's BMS will be used to scale the deployment of second-life
batteries. Following these deployments, Element will offer its
technology solutions broadly across first and second-life energy
storage and electric vehicle applications.
Dr. Tony Stratakos, CEO and
Co-Founder, Element Energy, said, "Our technology unlocks
significant improvements in battery safety, energy throughput and
system life, enhancing the value proposition of batteries across
many systems including first and second-life grid assets, electric
vehicles and more. We are thrilled to be implementing our
technology at-scale with GWh, grid-connected deployments planned in
2023 and 2024. We are grateful to have the confidence of our
investor base that includes world-renowned renewable energy
technology suppliers, asset owners, developers and investors. After
ten years of hard work and $50
million of R&D investment in developing our technology,
we are taking big strides to speed the adoption of clean energy and
clean transportation."
The Series B funding provides Element with growth capital for
continued investment in assets, logistics and infrastructure
related to upcoming utility-scale deployments of second-life EV
batteries. Further, the funding will support continued growth of
the mission-oriented Element team.
Recently, Element secured over 2.5 GWh of EV batteries, and the
U.S. Department of Energy announced a $7.9
million award to Element for a planned 50 MWh battery
project to be deployed alongside a wind generating facility in
Texas. This project deployment is
believed to be the largest installation to date of second-life EV
batteries on the U.S. power grid.
Following deployment of its multi-gigawatt secured pipeline
beginning in 2023, Element will continue to work with strategics
including automotive OEMs and gigafactories on additional
second-life asset deployments, first-life battery energy storage
systems, direct integration into electric vehicles and more.
"Element Energy has created the battery management hardware and
software needed to enable efficient battery reuse at scale, and
provide affordable, clean electricity for a broad range of energy
storage and EV applications," said Matt
Murphy, President and CEO, Marvell. "I am excited to
join the Board as Element launches into the next phase of
utility-scale deployment of its technology."
The Second Life Battery Market
Enables a More Sustainable Battery Circular Economy
Widespread global adoption of electric vehicles is creating a
large, emerging second-life battery market opportunity for the
power sector to harness still-useful batteries at the end of
vehicle lives to decarbonize the power sector. McKinsey estimates
the global second-life battery market volumes available for
redeployment to be more than 200 GWh by 2030, with the U.S. having
an estimated 40 GWh per year of supply.
Second-life redeployment of batteries to maximize the
"life-cycle harvest" of existing retired EV batteries has an
opportunity to offer considerable environmental benefits through
reduced emissions, lower raw material requirements and decreased
energy needs. By deploying 40 GWh of second-life batteries into
utility-scale applications, the U.S. can directly displace 10
million metric tons of carbon dioxide emissions annually. Further,
the U.S. can avoid mining, processing and purchasing raw materials
from unreliable foreign supply chains, which can save more than 11
million pounds of lithium and 20 million pounds of cobalt, along
with the emissions and energy requirements of this value chain.
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.
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SOURCE Element Energy