Press release
ELEMENT ENERGY, A PIONEER IN BATTERY STORAGE TECHNOLOGY, SECURES $28M SERIES B GROWTH CAPITAL
Capital raise follows Element Energy's procurement of over 2.5 GWh of EV batteries to be redeployed in utility-scale energy storage applications Matt Murphy,
About this update from Marvell Technology, Inc.
[{"type":"text","content":"Capital raise follows Element Energy's procurement of over 2.5 GWh of EV batteries to be redeployed in utility-scale energy storage applications\nMatt Murphy, President and CEO of Marvell Technology, joins Element Energy Board of Directors\nMENLO PARK, Calif., Dec. 14, 2022 /PRNewswire/ -- Element Energy (\"Element\"), a Menlo Park-based advanced battery management technology company, today announced the first close of $28 million in Series B financing. The round is co-led by one of the largest clean energy generation companies and Cohort Ventures, a technology-focused venture capital firm with U.S. military roots. The round included additional investment from existing strategic backers LG Technology Ventures, Edison International (NYSE: EIX), Prelude Ventures, and Radar Partners. \n\n \n \n \n \n \n \n\n \nElement Energy also announced that Matt Murphy, President and Chief Executive Officer of Marvell Technology (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions with approximately 7,500 employees and fiscal 2022 revenue of $4.46 billion, has joined the company's Board of Directors. \nLaunched in 2019 by a seasoned team of leading electrical engineers and electro-chemists, Element has 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 (energy throughput, system life and economics) and safety, all delivered on a cost-competitive basis with traditional systems. The initial deployments of Element's BMS will be used to scale the deployment of second-life batteries. Following these deployments, Element will offer its technology solutions broadly across first and second-life energy storage and electric vehicle applications.\nDr. Tony Stratakos, CEO and Co-Founder, 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. We are grateful to have the confidence of our investor base that includes wor...