Element Energy, a Menlo Park, CA-based battery management technology company, raised $111M in funding.
The round comprised a $73M Series B equity investment led by Cohort Ventures with participation from Mitsubishi Heavy Industries, Ltd. (MHI), Drive Catalyst, FM Capital, AFW Partners, LG Technology Ventures, Edison International (NYSE: EIX), Prelude Ventures, and Radar Partners, and a $38M debt facility provided by Keyframe Capital Partners, L.P.
The company intends to use the funds to supports deployment of its adaptive battery management systems as battery storage market soars.
Led by CEO Dr. Tony Stratakos, Element Energy is an advanced battery management technology company, which uses proprietary hardware and software algorithms to improve the safety, intelligence, and economics of large-format battery systems. It seeks to offer its technology solutions broadly across first and second life energy storage and EV applications.
Element’s technology is being validated on a large scale with a 50 MWh pilot project in the United States, which is expected to be completed in early 2024. Element will collect necessary data through its pilot project, obtain UL certification, and proceed to commercialize the product.
FinSMEs
15/11/2023