Renewance

Renewance focuses on providing battery waste recycling solutions. The company's platform RenewanceConnect eases the process of battery management by alerting the companies on industrial battery regulations and updating the battery life cycle on its dashboard, allowing companies to monitor it in real-time. Using the Renewance solution, businesses can manage their industrial batteries by safely identifying spent batteries, removing them, storing them in a container, and transporting them for either reuse or recycling purposes. Renewance operates a SaaS business model.

The company conducted a decommissioning and recycling project for a large company in the Pennsylvania, New Jersey, and Maryland markets, replacing their energy storage systems in Illinois and West Virginia. Renewance claims that it was able to complete the project at 50% less than competitive prices. The company also reported it completed a project for S&C (provider of equipment and services for electric power systems) to dispose of its end-of-life NMC battery modules from its microgrid project.

Key customers and partnerships

The company partnered with Kore (offers grid-scale battery storage facilities for the utility industry in the city of Idaho, US) in 2019, to conduct battery recycling projects for its li-ion batteries, which have reached the end of their useful life.

Funding and financials

In 2020, the company received an undisclosed investment from Clean Energy Trust, as a part of the latters’ Clean Energy Innovation Fund that supports attractive startups focused on sustainability.