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

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

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

<div>KORE asset management system is a network operation centre which combines automation, AI-powered intelligence and human oversight to monitor, manage and optimize the performance of energy storage systems.</div>

Optimizing the future of energy with software solutions

Energy Optimization & Management Software

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

Battery electric vehicles (BEV) promote sustainable transportation

EV charging networks support the adoption of EVs for sustainable transportation

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)

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.Funding and financialsCarbon Engineering's most recent funding event was in<a href="https://sp-edge.com/updates/14763"> November 2022</a> when it raised an undisclosed amount from aviation leaders, Airbus and Air Canada, to support the development of its DAC technology. Prior to this in March 2019, Carbon Engineering raised USD 68 million from Chevron, Occidental Petroleum, and BHP. The company also received a USD 25 million grant from the Canadian government in June 2019. The cash helped speed up development and go-to-market activities for Carbon Engineering’s DAC technology.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>.

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.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.

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

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

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

<div>
 
 KORE asset management system is a network operation centre which combines automation, AI-powered intelligence and human oversight to monitor, manage and optimize the performance of energy storage systems.
 
</div>

<div>
 
 Twaice provides predictive analytics software to optimize the development and operation of lithium-ion batteries. The core technology is known as Digital Twin, a simulation of the actual battery that runs in Twaice&rsquo;s cloud platform. The company continually updates the parameters of the &ldquo;twin&rdquo; so that it reflects the behavior of the actual battery, down to its thermal characteristics, electrical behavior, and degradation.&nbsp;
 
 
 The German company&rsquo;s software allows electric vehicle (EV) fleets to readily monitor the state of the battery packs of each of the vehicles. The software could be also used to forecast future performance of a battery. Other use cases include warranty tracking, fault diagnosis, resale assessment, and providing a test environment for battery designing and engineering.&nbsp;&nbsp;&nbsp;
 
 
 As of May 2021, Twaice&rsquo;s customers include automakers Audi (Germany), Daimler (Germany), and Hero Motors (India), and energy companies such as Verbund (Austria). Twaice also has partnerships with Munich Re (a German reinsurance company), TUV Rheinland (a German testing and certification institute working on EV resales), and ViriCiti (a Dutch EV fleet management company) to offer battery-related services.
 
 
 In April 2022, Twaice raised USD 30 million as the 
 <a href="https://sp-edge.com/updates/9980">
 second tranche
 </a>
 of its Series B funding round led by Coatue. The 
 <a href="https://sp-edge.com/updates/3464">
 first tranche
 </a>
 of Twaice&rsquo;s Series B funding round was in May 2021 when the company raised USD 26 million led by Energize Ventures to improve the use cases of its analytics platform and accelerate international expansion in Europe and the US.&nbsp;
 
</div>

TWAICE

<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 electric vehicles, industrial electric vehicles, 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 has also focused on helping owners and operators of battery fleets improve the operational efficiency of their assets post-deployment, and has partnered with the US energy storage developer, esVolta, to deploy the software across its entire portfolio of battery storage systems, totaling 581MWh.&nbsp;In May 2022, Maxwell Energy Systems was 
 <a href="https://sp-edge.com/updates/10585">
 acquired
 </a>
 by Endurance Technologies, an Indian producer of automotive components, for USD 40 million in an all-cash transaction.
 
 
 
 
 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.&nbsp;
 
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 UK-based Habitat Energy offers trading and optimization solutions for grid-scale energy storage and other flexible energy assets. The company recommends its solutions for assets with a capacity of more than 10 megawatts (MW) and requires short-term price and volume forecasts to maximize revenue.&nbsp;
 
 
 Habitat Energy's solutions include 1) physical communication with the asset via an API link, mod bus, or other protocols, 2) real-time forecasting of market prices and volumes, 3) usage optimization and rebalancing of assets, and 4) route-to-market and trade execution. The company&rsquo;s solutions are based on its proprietary software, PowerIQ, which uses artificial intelligence-based algorithms to forecast market price and volumes and sends signals to the asset and the market simultaneously.&nbsp;
 
 
 Additionally, Habitat Energy&rsquo;s AI-based algorithms are also capable of realistically simulating an asset&rsquo;s operations over its lifecycle, allowing developers to make design and development decisions at the early stages of a project (such as site selection, asset selection, asset life estimation, long-term market forecasts, etc.).&nbsp;
 
 
 As of May 2021, Habitat Energy claimed to have more than 200 MW of battery storage assets committed to its platform. Most of these assets were presumably in the UK, including 74 MW of energy storage assets belonging to the Gresham House Energy Storage Fund (a UK-based fund dedicated to energy storage investments), but the company had also entered the Australian and Canadian markets. 
 
 
 In 
 <a href="https://sp-edge.com/updates/13093">
 September 2022
 </a>
 , Habitat Energy expanded into the US, with plans to be operational in all major US power markets by the end of 2023. With its US headquarters established in Austin, Texas the company then partnered with Glidepath Power Solutions, a battery storage developer, to optimize its portfolio of Battery Energy Storage Systems (BESS). Additionally, the company mentioned that it is exploring opportunities in Europe, and emerging markets.
 
 
 
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Habitat energy

<div>
 
 Element Energy's battery management system is distributed and adaptive with power conversion dedicated to each individual module and carries out real-time (cloud-based) monitoring, diagnostics &amp; control to improve the safety, lifetime and energy throughput of batteries.
 
</div>

Element Energy

Provides software solutions for sustainable energy consumption

Optimizes and manages energy consumption and supply in smart cities

Uses AI/ML models to optimize energy supply and consumption

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

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