Element Energy, a provider of advanced battery management systems, has announced the close of a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company.
The financing round also saw participation from existing strategic backers LG Technology Ventures, Edison International, Prelude Ventures, and Radar Partners.
The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
“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,” said Tony Stratakos, CEO, and Co-Founder of Element Energy.
Element had recently secured over 2.5 GWh of EV batteries. The company was also awarded a $7.9 million award by the U.S. Department of Energy to develop a planned 50 MWh battery project, which is expected to be the largest installation of second-life EV batteries on the U.S. power grid to date.
Following the deployment of its multi-gigawatt secured pipeline beginning in 2023. Element plans to work with automotive original equipment manufacturers and gigafactories on additional second-life asset deployments, first-life battery energy storage systems, direct EV integration, and more.
The company also announced that Matt Murphy, President and Chief Executive Officer of Marvell Technology, a provider of data infrastructure semiconductor solutions, has joined the company’s Board of Directors.
“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.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency, the VC funding in Energy Storage in 9M 2022 fell by over 44%, with $4 billion in 73 deals compared to $7.2 billion in 60 deals in 9M 2021.