Siemens Financial Services support Siemens and external companies with innovative financing. Siemens Financial Services support Siemens and external companies with innovative financing. By drawing on its financial and technological expertise, they create value for its customers and enhance its competitiveness.

Siemens Financial Services

Quanta Services provides engineering, procurement, and construction services for comprehensive infrastructure needs in the electric power and oil and natural gas industries, both onshore and offshore.

Quanta Services

Nidec Motor Corporation (NMC) is a manufacturer of commercial, industrial, and appliance motors and controls.  The NMC product line features a full line of high efficiency motors, large and small, which serve Industrial, residential and commercial markets in applications ranging from water treatment, mining, oil and gas and power generation to pool and spa motors, air conditioning condensers, rooftop cooling towers and commercial refrigeration.    It also makes motors, controls and switches for automotive and commercial markets. Brands include U.S. MOTORS®, SR DRIVES®, HURST®, RESCUE®, ECOTECH EZ®.

Nidec Motor Corporation

Honeywell is a Fortune 100 company that invents and manufactures technologies to address tough challenges linked to global macrotrends such as safety, security, and energy. With approximately 129,000 employees worldwide, including more than 19,000 engineers and scientists, we have an unrelenting focus on quality, delivery, value, and technology in everything we make and do.

Honeywell Ventures

Trog Hawley Capital is a single-family office that aims to identify companies with outstanding founders and management teams and provide them with capital and strategic support.  Trog Hawley Capital adopts a long-term investment strategy, which enables them to align with founders and support them in realizing their vision. They invest across various stages of a company's growth, ranging from seed to pre-IPO. The company has a diverse portfolio that spans different industries, including big data, cybersecurity, e-commerce, energy infrastructure, enterprise, fintech, gaming/esports, and health tech.

Trog Hawley Capital

KORE Power

ZEVX supports customers in the electrification of light and medium-duty fleet vehicles. ZEVx's proprietary powertrain (batteries and drive motor) configuration and rapid conversion turnaround of existing fleet vehicles will accelerate EV adoption globally and provide customers with the support infrastructure, fleet services, and knowledge they need to transform fleet operations to meet sustainability goals. ZEVx's primary mission is to enable EV participation across the existing automotive and mobility ecosystem and support fleets through their electrification journey while scaling through democratized partnerships and making the 'dream' of EV accessible to all www.zeroevcorp.com.Zero Electric Vehicles (ZEVx) is an Arizona based Company with deep engineering roots that strives to be the worldwide leader in electrification for light and medium duty fleet vehicles. ZEVx's proprietary powertrain (batteries and drive motor) configuration and rapid conversion turnaround of existing fleet vehicles will accelerate EV adoption globally and provide customers with the support infrastructure, fleet services, and knowledge they need to transform fleet operations to meet sustainability goals. ZEVx's primary mission is to enable EV participation across the existing automotive and mobility ecosystem and support fleets through their electrification journey while scaling through democratized partnerships and making the 'dream' of EV accessible to all.

Kore Power manufactures energy storage, electric vehicles, microgrids, utilities, and e-mobility systems for the clean energy industries. The company was founded in 2018 and is headquartered in Coeur d'Alene, Idaho.

KORE Power is a US-based company that has developed nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) EV batteries and energy storage systems.

Electrifying passenger and commercial travel

EV Economy

Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

KORE Power is a leading US-based developer and manufacturer of lithium-ion battery cells and energy storage solutions. Founded in 2018, the company designs and produces battery cells, modules, and packs for the energy storage and electric vehicle (EV) markets. KORE Power offers both nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) battery chemistries, along with its own battery management system. The company's product portfolio includes energy storage systems for utility, commercial, industrial, and e-mobility applications.

Battery Cell Developer

Q&A with American lithium battery maker KORE Power

storage units unveiled at KORE Solutions facility — Waterbury Roundabout

KORE Power will start a 10-GWh lithium-ion battery manufacturing plant in the United States

KORE Power, Nidec sign 2.2 GWh deal amid focus on domestic energy storage manufacturing

Arizona KOREPlex Battery Manufacturing Plant

Energy Vault and Kore Power in 7GWh battery tie-up

KORE Power Announces 44 MWh Procurement Agreement with Cordelio Power

KORE Power buys system integrator

KORE Power launches ‘Made in USA’ DC Blocks for LFP and NMC battery chemistries

KORE Power Receives Conditional Commitment for $850 Million from the U.S. Department of Energy’s Loan Programs Office for the KOREPlex Advanced Battery Manufacturing Facility

KORE Power taking orders on DC Block energy storage units, made in the U.S.

Nomad Transportable Power Systems Launches Portfolio of Mobile Energy Storage Systems

Optimizing the future of energy with software solutions

Energy Optimization & Management Software

Siemens

KORE Power selects Siemens as infrastructure technology provider for Arizona battery gigafactory.

Companies developing Li-ion EV batteries and battery materials. Includes next-gen advancements in Li-ion batteries (e.g. fast charging batteries, graphite-anode substitutes)

ZEVX

Reynolds and Reynolds

Listwin Ventures

KORE Power is a US-based company that has developed nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) EV batteries and energy storage systems.In 2022, the company began construction of its 6 GWh KOREPlex advanced battery cell manufacturing facility with plans to begin delivering batteries between 2024 and 2025. The facility will have multiple production lines to produce NMC and LFP EV batteries and ESS.Key customers and partnershipsIn March 2022, KORE Power acquired Northern Reliability and launched KORE Solutions, a full-service storage integrator, which will operate as a division of the company. In <a href="https://sp-edge.com/updates/21169">August 2023</a>, KORE signed a master supply agreement with Energy Vault where KORE will supply the latter with batteries from 2025 onwards.Funding and financialsIn <a href="https://sp-edge.com/updates/19360">June 2023</a>, the company received a loan amounting to USD 850 million from the US Department of Energy's Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. The company intended to use the funds for the construction of its 6 GWh KOREPlex advanced battery cell manufacturing facility in Buckeye, Arizona. Prior to this in November 2022, the company raised USD 75 million in a Series A funding round led by Siemens Financial Services. The company planned to use the funds to construct its battery cell factory.

Canada-based Carbon Engineering (CE) specializes in Direct Air Capture (DAC) and air-to-fuel (ATF) technologies. ATF technology turns atmospheric carbon dioxide (CO2) DAC facilities into low-carbon fuels. The company’s pilot DAC plant in British Columbia captures one ton of CO2 per day. As of March 2024, CE is working with 1PointFive to commercialize its air-to-fuel processes.Key customers and partnershipsCE has partnered with Oxy Low Carbon Ventures (the venture capital arm of the oil and gas company Occidental Petroleum) to build its first commercial DAC facility in Texas Permian Basin. The proposed facility will capture one million tons of CO2 per year. The construction of the plant is to be completed by 2024. CE has also begun engineering at its <a href="https://sp-edge.com/updates/14178">second DAC facility</a> in Kleberg County, Texas to capture 30 million tons of CO2 per year. The site is expected to begin operations by late 2024. CE also has a partnership with Storegga Geotechnologies to deploy its DAC technology in the UK. In <a href="https://sp-edge.com/updates/10949">June 2022</a>, CE extended its collaboration with 1PointFive to deploy DAC projects globally.CE allows customers to pre-purchase carbon removal quantities from its future projects. In March 2021, Shopify became CE’s first customer, having reserved 10,000 tons of carbon removals. CE has also partnered with BeZero (a British climate asset and liability management company) for a joint retail offering that allows customers to purchase carbon removals through BeZero’s website. In November 2021, CE also signed up BMO Financial Group, a Canadian financial service provider, as a new customer and plans to deliver 1,000 tons of carbon removal units.CE estimates the net cost of its DAC technology to be around USD 94–232 per ton. The net cost of capture from its proposed one-megaton commercial plant is expected to be “little less than USD 200 per ton”. The company has also reported that its net cost of capture needs to fall below USD 150 per ton for the technology to make commercial sense.In October 2021, Carbon Engineering also partnered with Huron Clean Energy (Canada), The Upper Nicola Band (Canada), and Oxy Low Carbon Ventures to develop a large-scale commercial ATF facility in British Columbia. The facility is expected to begin operations in 2026. In November 2021, the company partnered with Air Canada to explore sustainable aviation fuel (SAF) opportunities.In <a href="https://sp-edge.com/updates/21044">August 2023</a>, Occidental Petroleum announced a definitive purchase agreement to acquire Carbon Engineering for USD 1.1 billion in cash. The deal was closed in <a href="https://www.blg.com/en/about-us/deals-and-suits/2023/11/occidental-petroleum-completes-us1-1-billion-acquisition-of-carbon-engineering-ltd#:~:text=On%20November%203%2C%202023%2C%20Occidental,equity%20of%20Carbon%20Engineering%20Ltd.">November 2023</a>.&nbsp;

Carbon Engineering

TAE Technologies is a next-generation renewable energy company focusing on fusion technology. The company’s technology attempts to fuse hydrogen and boron to produce light to generate heat for power generation. TAE aims to connect the first hydrogen-boron fusion power plant to the grid in the 2030s and expects to demonstrate net energy on its next research reactor Copernicus around mid-decade.TAE Technologies has obtained more than 1,400 patents and launched several spin-off technologies in sectors such as electric mobility, power management, and life sciences. In <a href="https://sp-edge.com/updates/15971">January 2023</a>, formed a new subsidiary known as TAE Power Solutions. This subsidiary is developing a unique technology platform derived from fusion research to improve the reliability, efficiency, longevity, and affordability of electric-powered products, including EVs and renewable energy storage.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/6255">October 2021</a>, TAE Technologies partnered with the National Institute for Fusion Science (NIFS), a Japanese research institute, to test hydrogen-boron (p-B11) fusion reactions. Furthermore, in <a href="https://sp-edge.com/updates/16848">March 2023</a>, TAW and NIFS carried out the world’s first hydrogen-boron fusion experiments in a magnetically confined fusion plasma.Since 2014, TAE Technologies has worked with Google to apply machine learning, data science, and advanced computations to jointly develop the Optometrist Algorithm to speed up experiments involving plasma, the core ingredient in a fusion reaction.Funding and financialsThe company’s most recent funding event was a <a href="https://sp-edge.com/updates/11710">July 2022</a> USD 250 million round led by Google. The company planned to use the funds to construct its research reactor “Copernicus.” Prior to this, in April 2021 TAE Technologies raised USD 280 million led by Google and New Enterprise Associates. Funds were expected to be used to further the company’s fusion experiments and to build a new reactor-scale facility.

TAE Technologies

Canada-based Enerkem converts waste into transportation fuels and chemicals. The company produces renewable methanol and ethanol from non-recyclable and compostable solid waste. Ethanol produced by Enerkem is used as a high octane oxygenate in gasoline to reduce its toxicity.Enerkem operated a pilot biofuel facility in Edmonton, Canada, which was capable of recycling upto 40,000 metric tons of waste, annually. As of January 2024, the facility has produced ~5 million liters of ethanol and methanol. As part of this project, Enerkem had a 25-year agreement with the city of Edmonton to recycle 100,000 dry metric tons of waste per year. In February 2024, the company reported plans to retire the facility and focus on the deployment and commercialization of its technology.Key customers and partnershipsEnerkem is developing a biofuel facility at Varennes (Canada) in partnership with Hydro-Quebec. The facility, which is set to come online in 2025, will couple Enerkem’s technology with a 90 MW proton exchange membrane (PEM) electrolyzer system to produce 125 million liters of biofuels and circular chemicals from 200,000 metric tons of waste per year.Enerkem is also developing a facility in Tarragona, Spain in partnership with Repsol to manufacture 290 million liters of methanol from non-recyclable waste and residual biomass per year. In <a href="https://sp-edge.com/updates/20773">July 2023</a>, Enerkem partnered with Dimeta to begin a feasibility study to examine the development of two large-scale projects to convert waste into renewable and recycled carbon dimethyl ether (DME). The projects are to be developed in Northwest Europe and in the Gulf Coast of the US, with each project expected to produce ~165,000 tons of DME annually from mixed residual waste.In <a href="https://sp-edge.com/updates/20774">August 2023</a>, Enerkem partnered with Technip Energies where the latter agreed to contribute its expertise in engineering, technology integration, and project delivery to support projects developed by Enerkem.Funding and financialsEnerkem’s <a href="https://sp-edge.com/updates/9646">most recent funding </a>event was an April 2022 CAD 255 million (USD 203 million) round led by Repsol. The funds were to be used to expand Enerkem’s geographical footprint in Europe and to scale up the deployments of its gasification technology.

Enerkem

Commonwealth Fusion Systems (CFS) is an MIT spinoff that focuses on commercializing fusion energy using revolutionary high-temperature superconducting (HTS) magnets to build smaller and lower-cost tokamak fusion systems. The company aims to manufacture these magnets and is building ‘SPARC’, its net energy fusion machine with MIT’s Plasma Science and Fusion Center. Following this, CFS plans to build a fusion power plant named ARC.In February 2023, CFS opened its new 50-acre campus in Massachusetts, US. This will contain the company’s corporate headquarters, advanced manufacturing facility, and the SPARC facility.In&nbsp;<a href="https://sp-edge.com/updates/36243">November 2024</a>, CFS completed testing of its new electromagnet, the Central Solenoid Model Coil (CSMC), with plans to demonstrate net fusion power by 2026.Key customers and partnershipsIn July 2022, CFS signed a five-year Collaboration Framework Agreement with the United Kingdom Atomic Energy Authority (UKAEA) to carry out a series of work projects to support the development of fusion energy. In March 2023, CFS signed a framework agreement with Eni to carry out a series of work projects to advance fusion energy.Funding and financialsIn August 2023, CFS was awarded three undisclosed grants by the US Department of Energy’s Innovation Network for Fusion Energy (INFUSE) program to fund research and development projects with the University of California at Berkeley, Princeton Plasma Physics Lab, and University of California at Los Angeles. In <a href="https://sp-edge.com/updates/19658">May 2023</a>, CFS was one of eight companies to receive a total of USD 46 million from the US Department of Energy’s Milestone-based Fusion Development Program to advance design, research and development for fusion power plants.In <a href="https://sp-edge.com/updates/7124">November 2021</a>, CFS raised USD 1.8 billion in a Series B funding round led by Tiger Global Management. The company planned to use the proceeds to build and operate SPARC and commence deployment of ARC.&nbsp;

Commonwealth Fusion Systems

General Fusion aims to develop utility-scale fusion power using Magnetized Target Fusion (MTF) technology. In December 2022, the company demonstrated plasma energy confinement times, plasma temperatures, and compression system performance that support its goal of meeting 100 million degrees Celsius in its MTF demonstration.&nbsp;In <a href="https://sp-edge.com/updates/22691">August 2023</a>, General Fusion announced a new MTF machine known as “Lawson Machine 26” (LM26). The company intends to use the machine to achieve fusion conditions of over 100 million degrees Celcius (180 million degrees Fahrenheit) by 2025, and progress toward scientific breakeven by 2026. The LM26 is designed to validate the company’s ability to symmetrically compress magnetized plasmas in a repeatable manner and achieve fusion conditions at scale. It integrates the company's existing operational plasma injector with a new lithium liner compression system.Construction of General Fusion’s demonstration at the United Kingdom Atomic Energy Authority’s (UKAEA) Culham Campus began in 2023 and is expected to be commissioned in 2026 and fully operational by early 2027.Key customers and partnershipsIn June 2021, General Fusion partnered with the UK Atomic Energy Authority (UKAEA) to build and operate a fusion demonstration plant (FDP) at UKAEA’s Culham Campus in Oxfordshire, UK. In July 2021, General Fusion partnered with Canadian Nuclear Laboratories, a nuclear technology laboratory managed by the Canadian National Energy Alliance, to develop tritium extraction technologies for fusion power.&nbsp;In February 2022, General Fusion, Bruce Power, and the Nuclear Innovation Institute partnered to accelerate the delivery of clean fusion power in Canada. In November 2022, the company partnered with Canadian Nuclear Laboratories again to carry out a series of joint projects to accelerate the deployment of commercial fusion power in Canada.In <a href="https://sp-edge.com/updates/22653">October 2023,</a> General Fusion partnered with Kyoto Fusioneering to advance critical systems for MTF commercialization, including the tritium fuel cycle, the liquid metal balance of the plant, and the power conversion cycle. During the same <a href="https://sp-edge.com/updates/23302">month</a>, General Fusion expanded its partnership with TRIUMF to design diagnostics that will advance the former’s technology and prove the performance of its MTF demonstration, LM26. In December 2023, the company partnered with the University of Lisbon to develop a key diagnostic for MTF technology.Funding and financials&nbsp;In March 2024, General Fusion and TRIUMF, Canada’s particle accelerator centre, received a USD 800,000 Natural Sciences and Engineering Research Council of Canada (NSERC) Alliance grant. The companies intended to use the funds to advance technology to develop an ultra-fast neutron spectrometer system to measure plasma temperatures at fusion conditions of over 100 million degrees Celsius.In <a href="https://sp-edge.com/updates/24966">December 2023</a>, General Fusion received CAD 5 million (~USD 3.7 million) from the Strategic Innovation Fund (SIF). The company planned to invest the funds in the research and development of the company’s MTF demonstration, LM26. The company’s latest funding round was in August 2023, when it raised USD 25 million in the first close of its Series F funding round. Participants of the round included existing investors, BDC Capital, and GIC, as well as new grant funding from the government of British Columbia.In November 2021, the company raised USD 130 million led by Temasek. Previously, in January 2021, General Fusion raised an undisclosed amount from Thistledown Capital, a venture capital firm established by Shopify founder Tobias Lütke.

General Fusion

Companies that facilitate renewable energy generation through next-gen advances in conventional renewable energy technologies such as solar, wind, and hydro

Companies developing long-duration stationary energy storage technologies that are essential to match the intermittent supply of renewable sources with the inflexible demand for energy. Includes utility-scale, industrial, and residential stationary energy storage solutions

Companies that facilitate renewable energy generation through disruptive bioenergy technologies such as waste to energy (WTE) and advanced biofuels

Companies that facilitate renewable energy generation through disruptive technologies such as geothermal, fusion, wave, tidal, etc.

Provides next-gen renewable energy sources and energy storage for sustainable energy consumption

KORE Power is a US-based company that has developed nickel manganese cobalt (NMC) and lithium-ion iron phosphate (LFP) EV batteries and energy storage systems.In 2022, the company began construction of its 6 GWh KOREPlex advanced battery cell manufacturing facility in Arizona, with plans to begin deliveries between 2024 and 2025. The facility will have multiple production lines to produce NMC and LFP ESS and EV batteries. The company has reported the possibility of expanding the facility further to 12 GWh to meet market demand.Funding and financialsIn June 2023, KORE Power received a conditional commitment for a loan of <a href="https://sp-edge.com/updates/19360">USD 850 million </a>from the US Department of Energy's Loan Programs Office (LPO) under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program. The company intended to use the funds to support the construction of its KOREPlex manufacturing facility.

<div>
 
 SolidEnergy Systems (SES) is a lithium-metal battery developer and manufacturer of battery cells for EVs. SES hybrid Li-metal batteries replace the graphite anode with lithium-metal to improve energy density (to around 400 Wh/kg). SES also uses a hybrid electrolyte&mdash;the battery has a solid protective coating on the lithium-metal anode and a liquid in the cathode, unlike some solid-state batteries (Solid Power and QuantumScape) that are all-solid and free of any liquid. The company&rsquo;s battery is expected to enable a longer driving range (around 500&ndash;600 miles) and is also capable of reaching an 80% charge in under 15 minutes. In 2021, SES was the first company to introduce 100Ah Li-metal cells, globally.
 
 
 SES&rsquo; large format Li-metal EV and eVTOL cells known as &ldquo;Apollo&rdquo; can be customized for different OEM requests. As such, the company has begun pilot-scale manufacturing of 50Ah to 100Ah Li-Metal cells with GM, Hyundai, and Honda at their Shanghai (China) and Chungju (Korea) battery manufacturing facilities. The company aims to commercialize its batteries by 2025. SES 
 <a href="https://investors.ses.ai/news/news-details/2023/SES-to-Host-Battery-World-2023-and-Announce-Worlds-First-Automotive-B-sample-JDA-for-Li-Metal/default.aspx">
 expects
 </a>
 to establish the world&rsquo;s first B-sample Joint Development Agreement (JDA) with an automotive OEM in December 2023.
 
 
 &nbsp;
 Funding and financials
 
 
 In February 2023, SES received an undisclosed amount of cash grants from the South Korean Central Government. Prior to this in April 2021, the company raised USD 139 million in a Series D funding round led by General Motors, while in July 2021, it raised USD 100 million from Hyundai.&nbsp;
 
 
 SES was listed on NYSE through a SPAC merger in February 2022. The deal raised USD 275 million at a valuation of USD 3.6 billion. The proceeds were to be used to accelerate growth and fund key development initiatives.&nbsp;
 
 
 
</div>

Addionics, a British next-gen battery-tech company, develops smart 3D electrodes for EV batteries by optimizing AI-based algorithms. The company states that its tech could improve the cost and performance of any EV battery. The company collaborated with leading automotive OEMs and suppliers in the US and Europe to integrate its technology with lithium-nickel-manganese-cobalt-oxide (NMC), lithium iron phosphate, silicon, lithium polymer battery chemistries, and solid state batteries.In <a href="https://sp-edge.com/updates/27236">February 2024</a>, Addionics reported a planned USD 400 million investment into its US manufacturing facilities to expand domestic EV battery production in the country. The new facilities will produce 3D copper foils to support 90 GWh of battery capacity, annually. The company’s first factory is set to begin production in 2027, with additional plants expected to come online in 2032.Key customers and partnershipsIn June 2022, Addionics <a href="https://sp-edge.com/updates/11083">partnered </a>with Blitz Motors, an Israel based smart electric moped manufacturer, to provide smart 3D electrodes and develop Li-ion batteries. In August 2021, Addionics partnered with the Center of Process Innovation (CPI) and the University of Warwick’s WMG to improve lithium-ion battery cell performance and manufacturing processes. In April 2021, Addionics also partnered with Saint-Gobain Ceramics, a manufacturer of materials for construction, mobility, healthcare, and other industrial segments to develop high-power, high-capacity solid-state batteries for EVs.Funding and financialsIn January 2022, the company raised USD 27 million in Series A funding. The proceeds were to be used to redesign existing battery architecture with Addionics’ Smart 3D Electrodes. The company planned to commercialize its solution by 2024.

Addionics

InoBat is a Slovakian next-generation battery technology company. In November 2020, the company announced the launch of an “intelligent” EV battery. According to the company, this was the first of its kind and was developed through the combination of AI and high throughput (HTP) technology. The use of AI enables the company to develop bespoke batteries within a short period of time, making it possible to cater to the unique needs and power demands of different vehicles and applications. The company’s technology also reduces reliance on cobalt, resulting in higher energy density, with a goal of reaching 330 Wh/kg by the end of 2023 (compared to 250–270 Wh/kg of the highest-density lithium-ion batteries).Key customers and partnerships&nbsp;In November 2021, InoBat partnered with Chinese equipment manufacturer Wuxi Lead to deploy a lithium-ion pilot battery production line in Slovakia. The first batch of batteries was expected to be produced by the end of 2022. In April 2021, the company entered into a partnership with SOR (a producer of city and inter-city buses in Central Europe) to design, develop, and supply batteries for a new electric bus fleet. InoBat also planned to expand its geographic footprint across Europe and globally by building several gigafactories through 2024. In March 2022, Inobat announced plans to deploy a <a href="https://inobatauto.eu/newsroom/inobat-auto-announces-intention-to-build-its-third-gigafactory-in-western-europe/">third facility </a>in Western Europe.In April 2022, InoBat partnered with <a href="https://sp-edge.com/updates/9677">Gigamine</a>, a British battery recycling startup, to reprocess lithium-ion batteries from EVs. In September 2022, Inobat partnered with <a href="https://sp-edge.com/updates/12909">Cosworth</a>, to supply InoBat battery cells for Cosworth’s battery packs in the high-performance automotive marketIn October 2022, InoBat signed an agreement with <a href="https://sp-edge.com/updates/13944">GUS Technology</a>,, for the latter to produce and deliver InoBat’s batteries. During the same month the company signed declarations of intent with the <a href="https://sp-edge.com/updates/13942">Spanish government </a>to construct a new EV battery production facility in Valladolid, Spain. In November 2022, InoBat partnered with <a href="https://sp-edge.com/updates/14473">Ricardo </a>to jointly supply battery cells, modules, and packs to high-performance automotive manufacturers.Funding and financialsIn <a href="https://sp-edge.com/updates/21481">September 2023</a>, InoBat reported that Gotion High-Tech, a Chinese battery developer, acquired a 25% stake in the company. The two companies intend to focus on developing localized battery value chains in Europe, the Middle East, and Africa and will also accelerate R&amp;D across the value chain.In January 2022, InoBat raised an undisclosed amount in a funding round led by Ideanomics, a company promoting electric mobility. The proceeds were to be utilized to support the completion of InoBat’s pilot battery plant in Slovakia by the end of 2022.

InoBat

<div>
 
 Lightyear is a Dutch solar electric car startup. The company develops long-range electric cars that are grid-independent and are equipped with built-in solar panels, permitting longer charge cycles.&nbsp;
 
 
 The company&rsquo;s flagship electric car Lightyear 0 (formerly Lightyear One) has a battery range of 625 km (versus Tesla Model S&rsquo; ~400 km) and has an energy use of 10.5 kWh per 100 kms. Lightyear 0 has a built-in five-square-meter solar panel and was available for pre-order at EUR 250,000 (~USD 272,278) excluding taxes (versus Tesla Model S&rsquo; USD 90,000) as of June 2022.&nbsp;
 
 
 The company reported that Lightyear 0 had begun production in 
 <a href="https://lightyear.one/articles/impact-has-started-lightyear-0-has-gone-into-production">
 November 2022
 </a>
 . However, subsequently in 
 <a href="https://sp-edge.com/updates/15885">
 January 2023
 </a>
 , it announced that the production of Lightyear 0 has been suspended to instead direct resources towards Lightyear 2.&nbsp;
 
 
 Key customers and partnerships
 
 
 The Lightyear 2 model has received over 40,000 subscriptions from individual customers, as well as 21,000 pre-orders from fleet owners such as 
 <a href="https://sp-edge.com/updates/15722">
 Arval
 </a>
 , Athlon, LeasePlan, and MyWheels.
 
 
 In July 2022, Lightyear partnered with 
 <a href="https://sp-edge.com/updates/11799">
 Valmet Automotive
 </a>
 to produce Lightyear 0 at Valmet&rsquo;s manufacturing facility in Uusikaupunki, Finland. A maximum of 946 Lightyear 0&rsquo;s will be produced. Additionally, in August 2022, Lightyear 
 <a href="https://sp-edge.com/updates/12007">
 partnered
 </a>
 with Koenigsegg, a Swedish high-performance sports car manufacturer, to jointly develop innovative EV technologies and optimize Koenigsegg&rsquo;s proprietary technologies to improve the energy efficiencies of Lightyear&rsquo;s second model, Lightyear 2. Additionally, in October 2022, the company acquired the technological design for drivetrain inverters from 
 <a href="https://sp-edge.com/updates/14036">
 Next Level Electronics
 </a>
 .
 
 
 In December 2021, Lightyear announced a 3 year partnership with LeasePlan where it promised 5,000 Lightyear 2 vehicles for its fleet. The company is also partnering with The Sharing Company (Netherlands) to supply 
 <a href="https://sp-edge.com/updates/9823">
 5,000 
 </a>
 Lightyear 2 vehicles for its MyWheels car-sharing platform by 2025.&nbsp;&nbsp;
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/12809">
 September 2022
 </a>
 , Lightyear raised EUR 81 million (~USD 80.4 million) in funding for the production of Lightyear 0 in late 2022 and to also ensure the continued achievement of development milestones for Lightyear 2. In May 2021, Lightyear received a strategic investment of EUR 20 million (~USD 23 million) from the Dutch trading company SHV. In March 2021, the company raised EUR 40.2 million (~USD 48 million) in a venture round led by Zero Point Holding. The funds were expected to support commercialization and growth.
 
</div>

Lightyear

<div>
 
 India-based ION Energy provides battery management system (BMS) hardware and battery intelligence software solutions. The company&rsquo;s &ldquo;Maxwell&rdquo; BMS optimizes lithium-battery use in electric two and three-wheelers, passenger and commercial EVs, industrial EVs, and stationary battery energy storage systems to improve efficiency, safety, and longevity of batteries. The company&rsquo;s battery simulation software Altergo leverages data science and machine learning to extract data from batteries and to mirror its performance on a digital platform for remote monitoring and predictive analysis.
 
 
 As of June 2021, the company had deployed over 60,000 Maxwell units for more than 75 mobility and energy storage customers across 15 countries including India, France, Spain, and the US. Altergo also focused on helping owners and operators of battery fleets to improve the operational efficiency of their assets after deployment. It partnered with the US energy storage developer esVolta to deploy the software across its entire portfolio of battery storage systems totaling 581 MWh.&nbsp;
 
 
 In June 2021, the company raised USD 3.6 million in pre-Series A funding to expand its team, invest in product development, and grow its software business in North America and Europe. 
 
 
 
</div>

ION Energy

Companies developing battery electric cars, SUVs, and pickup trucks

Companies developing commercial BEVs. Includes electric LCVs, trucks, buses, etc.

Companies developing EV battery technologies that do not fall under the definition of Li-ion (e.g. solid-state batteries, lithium substitutes, etc.)

Companies offering software solutions to optimize the performance of EV batteries (e.g. charging optimization software, Digital Twin solutions, etc.)

Companies that facilitate EV charging. Includes both charging infrastructure providers and network operators. Also includes vehicle-to-grid technologies.

Battery electric vehicles (BEV) promote sustainable transportation

EV charging networks support the adoption of EVs for sustainable transportation

KORE Power is a leading US-based developer and manufacturer of lithium-ion battery cells and energy storage solutions. Founded in 2018, the company designs and produces battery cells, modules, and packs for the energy storage and electric vehicle (EV) markets. KORE Power offers both nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) battery chemistries, along with its own battery management system. The company's product portfolio includes energy storage systems for utility, commercial, industrial, and e-mobility applications.
KORE Power is currently constructing the KOREPlex, a 1.3 million square foot manufacturing facility in Buckeye, Arizona. Once operational, the plant will have an initial annual production capacity of six GWh of battery cells, with the potential to expand to 12 GWh. The facility is expected to begin commercial production by the end of 2024 or early 2025. In June 2023, KORE Power received a conditional commitment for an USD 850 million loan from the US Department of Energy's Loan Programs Office to support the construction of the KOREPlex.
In addition to cell manufacturing, KORE Power has expanded its offerings through strategic acquisitions and partnerships. In 2022, the company acquired Northern Reliability, an energy storage system integrator, to form KORE Solutions. This vertical integration allows KORE Power to provide end-to-end energy storage solutions. The company has also launched Nomad Transportable Power Systems, a subsidiary that produces mobile energy storage units for various applications, including power backup, emergency response, and grid support.
KORE Power has recently introduced its DC Block products, which are all-in-one energy storage solutions manufactured in the US. These systems are available in 750 kWh LFP and 1.3 MWh NMC configurations, designed to simplify installation and reduce project timelines for customers.

TWAICE is a Munich-based battery analytics software company founded in 2018 by Dr. Michael Baumann and Dr. Stephan Rohr. The company provides a predictive analytics platform for companies working with lithium-ion batteries, addressing key concerns such as health, warranty, and safety throughout the battery lifecycle. TWAICE's software creates digital twins of batteries, allowing real-time monitoring and analysis of battery condition and performance. The platform combines deep battery expertise with artificial intelligence to generate actionable insights for battery development, operation, and potential second-life applications.
TWAICE's technology enables customers to optimize battery development processes, simulate battery behavior, monitor in-field performance, and evaluate used batteries for second-life applications. The company's solutions cater to various industries, including automotive, energy storage, and fleet management. TWAICE's analytics can help reduce development costs, improve battery performance and lifespan, and mitigate safety risks associated with battery operations. As of May 2021, TWAICE had raised a total of USD 45 million in funding to expand its product offerings and international presence.
Key customers and partnerships
TWAICE's customer base includes major automotive manufacturers such as Audi, Daimler, and Hero Motors, as well as energy companies like Verbund. The company has also established partnerships with Munich Re for insurance solutions, TÜV Rheinland for certifications, and ViriCiti for fleet management services. In April 2020, TWAICE's monitoring and analytics software was used by insurance company Munich Re to provide the first-ever performance warranty assurance for lithium-ion batteries. TWAICE has also formed a joint venture with TÜV Rheinland called Battery Quick Check to provide residual value assessments for used electric vehicle batteries. In 2020, TWAICE partnered with Dutch telematics company ViriCiti to deliver comprehensive battery analytics for electric bus fleets.

TWAICE

ION Energy, founded in 2016, is a Mumbai-based company that develops advanced battery management and intelligence platforms for lithium-ion batteries used in electric vehicles and energy storage systems. The company's primary focus is on improving battery life and performance through the use of artificial intelligence and machine learning technologies. ION Energy's flagship product is Edison Analytics, a cloud-hosted battery lifecycle management platform that leverages battery data, software analytics, and AI to remotely monitor, predict, and improve battery life. The platform utilizes the "Trinity of Battery Life" approach, which considers the entity, environment, and experience factors that impact battery life. ION Energy's solutions include cross-functional battery management systems (BMS) such as FS-CT, FS-LT, and FS-XT, designed for various applications ranging from light electric vehicles to grid storage. In May 2022, ION Energy sold its battery management system subsidiary, Maxwell Energy Systems, to Endurance Technologies for USD 40 million. The deal involved Endurance initially taking a 51% stake and acquiring the remaining business over the following five years.

Habitat Energy, founded in 2017, is a leading global optimizer of battery storage and renewable energy assets. The company specializes in delivering market-leading performance and value for asset owners through its EVOLVE optimization service. EVOLVE combines cutting-edge algorithmic forecasting and automation with an expert in-house trading team and asset intelligence to maximize revenue across real-time markets while minimizing exposure to negative prices and system costs.
Habitat Energy's proprietary software allows for real-time trading, forecasting, and revenue generation in wholesale and ancillary service markets. The company uses advanced artificial intelligence and machine learning capabilities to analyze power market dynamics and optimize split-second dispatch instructions specific to each storage and renewable power supply asset under active management. Habitat's algorithmic tools are complemented by oversight from an experienced 24/7 trading team and in-house route-to-market execution capability. The company also possesses sophisticated in-house modeling of battery degradation, enabling it to calculate the marginal degradation cost of each dispatch action and factor that into real-time optimization decisions.
In November 2021, Habitat Energy was acquired by Quinbrook Infrastructure Partners, a specialist global investment manager focused on renewables, storage, and grid support infrastructure. Following the acquisition, Habitat Energy expanded its operations globally, with offices in Oxford, UK; Melbourne, Australia; and Austin, Texas, US. As of September 2022, Habitat Energy had an operating portfolio of over 700MW of storage capacity in the UK, dynamically optimized across real-time wholesale power markets, the Balancing Mechanism, and regulated ancillary services markets.
Key customers and partnerships
Habitat Energy has partnered with battery storage developer Glidepath Power Solutions to optimize an initial portfolio of 60MW of BESS assets in ERCOT, Texas. This includes Glidepath's 10MW/10MWh "Prospect" battery storage project in West Columbia and the 50MW Byrd Ranch storage project in Sweeny. In February 2022, Habitat Energy signed a deal with Eelpower to manage 189MW of UK battery storage projects, including assets in Fordtown near Aberdeen, Scotland, and Halesworth in Suffolk, England.

Habitat energy

Element Energy, founded in 2019 and headquartered in Menlo Park, California, is an advanced battery management technology company. The company has developed proprietary hardware and software algorithms to improve the safety, intelligence, and economics of large-format battery systems. Element Energy's core product is an adaptive battery management system (BMS) that provides active monitoring, in-field diagnostics, predictive intelligence, and distributed control of large-scale battery systems. This technology results in improved total system performance, including enhanced energy throughput, system life, and economics, all delivered on a cost-competitive basis with traditional systems.
The company's BMS technology is applicable to both first and second-life batteries, with a focus on improving visualization, battery safety, and efficiency. Element Energy's approach distributes control down to the module level, allowing for the seamless combination of modules with different chemistries and states of health without negatively impacting performance. This technology is being validated on a large scale with a 50 MWh pilot project in the US, expected to be completed in early 2024.
Element Energy has secured over 2.5 GWh of second-life EV batteries for redeployment in utility-scale energy storage applications. The company plans to deploy 100-400 MWh systems starting in 2023, with multi-gigawatt deployments of its secured pipeline beginning the same year. As of November 2023, Element Energy had received and screened nearly two GWh of second-life batteries and was working toward deployment in utility-scale applications.
In addition to its focus on second-life batteries, Element Energy offers its technology solutions broadly across first-life energy storage and electric vehicle applications. The company is also exploring opportunities to apply its technology to electric vehicle batteries and is deploying its software as a service with a leading battery operations and maintenance provider.

Element Energy

Software solutions that improve the reliability and performance of the electrical grid through facilitating the connection of distributed energy resources and other renewable energy sources. This includes solutions that optimize the operation of grids

Software solutions that monitor and optimize the performance, storage, and safety of long-duration energy storage batteries

Software solutions that monitor and optimize the performance of renewable energy assets to maximize their contribution toward consumer consumption

Demand response programs that aim to adjust the electricity consumption by end users in response to signals or price incentives

Uses AI/ML models to optimize energy supply and consumption

Optimizes and manages energy consumption and supply in smart cities

Provides software solutions for sustainable energy consumption

KORE Power

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