Element Energy, a battery management technology company, closed $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners.
The Series B round saw investments from Cohort Ventures. Mitsubishi Heavy Industries (MHI), Drive Catalyst, FM Capital, and AFW Partners also joined the Series B round along with existing investors LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners. Debt and equity capital was provided by Keyframe.
“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,” said Dr. Tony Stratakos, CEO and Co-Founder, Element Energy.
MHI and Element also signed a memorandum of understanding (MOU) to develop affordable power system solutions for behind-the-meter applications.
According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, VC funding for battery recycling companies totaled $1.6 billion in Q3 2023 compared to $1 million raised in two deals in Q2 2023. The report also highlighted that the Energy Storage market received $8.6 billion from 68 VC deals in 9M 2023, which is a 115% rise from the same period in 2022, with $4 billion from 74 deals.
