Titan Advanced Energy Solutions (“Titan”), a pioneer in ultrasound-based battery management solutions, announced a $33 million Series B financing led by HG Ventures, the corporate investment arm of The Heritage Group. This new capital positions the company to accelerate industrial-scale deployments of its battery diagnostics and battery sensing/management technologies to drive safer and more efficient manufacturing, operation and repurposing of lithium-ion batteries.
Additional investors from the U.S., Europe, Asia and the Middle East included 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, along with 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 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.”
Titan’s primary focus is on the automotive and stationary storage markets. The global EV batteries market is expected to grow from $19.78 billion in 2020 to $38.32 billion in 2025, and the global battery energy storage system market is projected to grow from $2.9 billion in 2020 to $12.1 billion by 2025.1,2
“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.”
Today Titan’s solutions are being co-developed along with global auto manufacturers, multinational energy storage integrators and consumer electronics manufacturers in the United States and Europe.
Source:batteryindustry
