Battery Storage Player Element Energy Secures $28 Mn Fresh Financing

California – based battery management technology company Element Energy has announced the first close of $28 million in Series B financing. The round has been co-led by one of the largest clean energy generation companies and Cohort Ventures- a technology-based capital venture firm. Element Energy said that the round also included additional investment from existing backers LG Technology Ventures, Edison International, Prelude Ventures and Radar Partners.

Element Energy claims to have created an adaptive battery management system (BMS) to provide active monitoring, in-the-field diagnostics, predictive intelligence, and distributed control of large-scale battery systems – resulting in dramatically improved total system performance and safety. It said that the initial deployments of Element’s BMS will be used to scale the deployment of second-life batteries. Thereafter, Element will offer its technology solutions broadly across first and second-life energy storage and electric vehicle applications.

Dr. Tony Stratakos, CEO, Element Energy, said, “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.”

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Element Energy has also mentioned that the Series B funding provides it with growth capital for continued investment in assets, logistics and infrastructure related to upcoming utility-scale deployments of second-life EV batteries.

Recently, Element Energy had secured over 2.5 GWh of EV batteries, and the U.S. Department of Energy announced a $7.9 million award to Element for a planned 50 MWh battery project to be deployed alongside a wind generating facility in Texas.

Following deployment of its multi-gigawatt secured pipeline beginning in 2023, Element Energy will continue to work with strategics including automotive OEMs and gigafactories on additional second-life asset deployments, first-life battery energy storage systems, direct integration into electric vehicles and more.

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Element Energy also announced that Matt Murphy, CEO of Marvell Technology that delves in 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. “I am excited to join the Board as Element launches into the next phase of utility-scale deployment of its technology.”