Element Energy Closes $111 Million Funding

<p><strong>MENLO PARK<&sol;strong> – Element Energy&comma; a Battery Management Technology company&comma; has closed &dollar;111 million in capital comprised of a &dollar;73 million Series B equity investment and a &dollar;38 million debt facility provided by <a href&equals;"https&colon;&sol;&sol;www&period;keyframecapital&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Keyframe Capital Partners&comma; L&period;P&period;<&sol;a>&period;<&sol;p>&NewLine;<p>The Series B round is co-led by one of the largest clean energy generation companies in the U&period;S&period; and <a href&equals;"http&colon;&sol;&sol;cohort&period;vc&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Cohort Ventures<&sol;a>&period; <a href&equals;"https&colon;&sol;&sol;www&period;mhi&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Mitsubishi Heavy Industries&comma; Ltd&period; &lpar;MHI&rpar;<&sol;a>&comma; <a href&equals;"https&colon;&sol;&sol;www&period;drivecatalyst&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">Drive Catalyst<&sol;a>&comma; <a href&equals;"https&colon;&sol;&sol;www&period;fmcap&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">FM Capital<&sol;a>&comma; and <a href&equals;"https&colon;&sol;&sol;afwpartners&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"noopener">AFW Partners<&sol;a> joined the Series B round&comma; along with existing investors LG Technology Ventures&comma; Edison International&comma; Prelude Ventures&comma; and Radar Partners&period; Debt and equity capital was provided by Keyframe&comma; an investor with a broad mandate seeking to solve capital market challenges to unlock growth and propel innovation&period;<&sol;p>&NewLine;<p>Founded in 2019&comma; Element has developed proprietary hardware and software algorithms applicable to both first and second life batteries to improve visualization&comma; battery safety&comma; and efficiency&period; Element’s technology is being validated on a large scale with a 50 MWh pilot project in the United States&comma; which is expected to be completed in early 2024&period; Element will collect necessary data through its pilot project&comma; obtain UL certification&comma; and proceed to commercialize the product&period;<&sol;p>&NewLine;<p><strong>Dr&period; Tony Stratakos&comma; CEO and Co-Founder&comma; Element Energy<&sol;strong>&comma; said&comma; &OpenCurlyDoubleQuote;We founded Element with the mission to speed the adoption of clean energy with technology honed in the semiconductor industry&period; Seeing a soaring number of new battery storage installations&comma; our market-leading partners are realizing the value of improving the safety&comma; lifetime and efficiency of batteries&period; With the additional capital and global partnerships from our Series B&comma; we will further invest in and deploy our technology across target markets and applications&comma; including SaaS for existing and new energy storage systems&comma; hardware and software for new energy storage systems&comma; and full battery energy storage systems using second life batteries&period;”<&sol;p>&NewLine;<p>Stratakos continued&comma; &OpenCurlyDoubleQuote;We have received and screened nearly 2 GWh of second life batteries to date and are diligently working with our partners towards deployment in utility-scale applications before the end of the year&period;”<&sol;p>&NewLine;<p>MHI is investing in Element to advance MHI’s battery energy storage system technology and supply chain&period; MHI and Element also signed a memorandum of understanding &lpar;MOU&rpar; to develop affordable power system solutions for behind-the-meter applications&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;MHI is committed to the energy transition&comma; and energy storage systems are an important piece of the energy transition equation&period; MHI is pleased to invest in Element Energy for their outstanding diagnostic and management technologies&period; We look forward to ongoing collaboration with Element Energy to provide affordable energy solutions in the behind-the-meter space worldwide&comma;” said <strong>Shin Gomi&comma; General Manager in Business Development&comma; Growth Strategy Office of MHI<&sol;strong>&period;<&sol;p>&NewLine;<p>In addition to deploying its technology to first and second life battery projects&comma; Element will deploy its software as a service with a leading battery O&amp&semi;M provider&period; Element is also reviewing opportunities to apply its technology to electric vehicle batteries&period;<&sol;p>&NewLine;