Corporate Funding for Energy Storage Companies Up 55% with $26.4 Billion in 2022

Blue Whale Materials, a provider of lithium-ion battery recycling solutions, announced the acquisition of Eclipse Energy, a battery testing and evaluation lab based in Greenfield, Indiana.

The acquisition will allow Blue Whale Materials to provide customers with a complete range of battery testing and evaluation services, covering the entire life cycle of batteries from initial testing to end-of-life assessment for remanufacturing or reuse in secondary applications.

As the demand for batteries grows across various sectors, such as electric vehicles, energy storage, consumer electronics, and medical devices, so does the need for reliable and comprehensive testing and evaluation of battery performance, safety, and longevity. Blue Whale Materials aims to meet this need by forming a new subsidiary, BW Energy and Innovation, which will leverage the expertise and capabilities of Eclipse Energy.

Founded in 2011, Eclipse Energy provides solutions to test and validate batteries, ranging from an alkaline AAA battery to lithium cells and modules in EVs and hybrids. They provide solutions to clients via validation planning and project management, battery integration and maintenance, recycling, and second-life solutions.

“We are thrilled to welcome Eclipse Energy to the Blue Whale family,” said Robert Kang, CEO of Blue Whale Materials. “Eclipse brings unparalleled expertise in battery testing and evaluation. Our customers will now have access to end-to-end solutions for the entire battery life cycle — a critical step as we develop a preeminent network for li-ion battery collection in the U.S.”

Blue Whale Materials (BWM) is building a li-ion recycling plant in the U.S. using their proprietary, leading-edge technology validated commercially in Asia. BWM’s sustainable process takes spent li-ion batteries and produces Blacksand, a recycled product containing cobalt, nickel, and lithium. This technology is expected to provide a more cost-efficient, sustainable, and secure domestic supply of these critical minerals and reduce reliance on mining abroad.

According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&A Report, Four M&A transactions were recorded in Energy Storage in Q1 2023. In Q4 2022, there were five M&A transactions. YoY, there were five Energy Storage M&A transactions in Q1 2022.