Titan Advanced Energy Solutions, a provider of ultrasound-based battery management solutions, raised $33 million in a Series B financing round led by HG Ventures, the corporate investment arm of The Heritage Group.
These newly raised funds help the company accelerate industrial-scale deployments of its battery diagnostics and sensing/management technologies to operate safer and more efficient manufacturing, operation, and repurposing of lithium-ion batteries.
Other additional investors include H+ Partners, GS Futures, the investment arm of the GS Group, GS Energy, Doral Energy-Tech Ventures, the investment arm of Doral Group and Fortistar, and existing investors Energy Innovation Capital and SE Ventures, the investment arm of Schneider Electric.
“Our ultrasound-based technology spans the battery life cycle. From manufacturing and the first use to second life and recycling,” said Shawn Murphy, CEO, and co-founder of Titan.
“We will continue to propel the shift toward electrification by solving critical issues impacting the performance and safety of new and reused lithium-ion batteries,” he added.
“Titan’s focus on building a sustainable model of closed-loop recycling for lithium-ion batteries aligns perfectly with HG Ventures’ mission of supporting cutting-edge disruptors in sustainability,” said Ginger Rothrock, Senior Director of HG Ventures.
“We and our strategic syndicate partners are delighted to support Titan’s world-class team developing a platform that enables transformational improvements to the performance, economics, and safety of lithium-ion batteries,” said John Glushik, Managing Director of HG Ventures. He will be joining Titan’s Board.
According to Mercom’s 9M and Q3 2021 Funding and M&A Report for Storage, Grid, and Efficiency, VC funding in battery storage companies in 9M 2021 was up significantly (363%) with $5.5 billion in 59 deals compared to $1.2 billion in 21 deals in 9M 2020.