Battery tech firm Element Energy racks up USD 111m

US battery management technology company Element Energy has raised USD 111 million (EUR 103.5m) in debt and equity capital to advance the deployment of its systems in utility-scale applications before the end of the year.

Established in 2019, Element uses proprietary hardware and software algorithms applicable to both first and second life batteries to improve visualisation, battery safety and efficiency in energy storage and EV applications. It has so far received and screened nearly 2 GWh of second-life batteries.

The Menlo Park, California-based firm is currently working on a 50-MWh pilot project in the US which will allow it to collect necessary data, obtain UL certification and proceed to commercialise the product. The pilot project is expected to be completed in early 2024.

The secured funds include USD 73 million raised in a Series B financing round and USD 38 million in the form of a debt facility provided by Keyframe Capital Partners LP.

The fundraising transaction was co-led by an unnamed party described as "one of the largest clean energy generation companies in the US," and Cohort Ventures. It attracted new backers such as Mitsubishi Heavy Industries Ltd (MHI), Drive Catalyst, FM Capital and AFW Partners, as well as existing investors LG Technology Ventures, Edison International, Prelude Ventures and Radar Partners.

Apart from the equity investment, MHI and Element have inked a memorandum of understanding (MoU) to develop affordable power system solutions for behind-the-meter applications.

(USD 1 = EUR 0.932)

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