Element Energy raises US$111 million
Element Energy, a Menlo Park-based Battery Management Technology company, announced the close of $111 million in capital comprised of a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners, L.P. The Series B round is co-led by one of the largest clean energy generation companies in the U.S. and Cohort Ventures.
Founded in 2019, Element has developed proprietary hardware and software algorithms applicable to both first and second life batteries to improve visualization, battery safety, and efficiency. Element’s technology is being validated on a large scale with a 50 MWh pilot project in the United States, which is expected to be completed in early 2024. Element will collect necessary data through its pilot project, obtain UL certification, and proceed to commercialize the product.