By Battery Power Online Staff
September 27, 2024 | Companies around the world are securing substantial funds to fuel the next wave of energy storage innovations. From semi-solid lithium batteries to hydrogen storage solutions, here are the month’s most significant funding rounds across the globe.
$87M Series H for Semi-Solid Lithium Batteries
24M Technologies, Cambridge, Mass., raised $87 million in a Series H round led by Nuovo Plus, a key strategic partner and licensee. The company is pioneering semi-solid lithium-ion batteries, which minimize inactive materials in cells, significantly reducing costs while improving energy density. With this funding, 24M will expedite commercialization, particularly through the acquisition and opening of a new R&D and pilot manufacturing plant in Rayong, Thailand. Investors, including Kyocera and Asahi Kasei, are betting on 24M’s technology as a cornerstone for future electric vehicles and energy storage systems.
$62M Series A for High-Efficiency Fuel Cells
Germany-based Reverion raised $62M in a Series A round led by Energy Impact Partners. Reverion’s technology centers around high-efficiency, reversible fuel cells that both generate and store energy, positioning them as critical components for the future energy grid. These cells are designed to capture CO2 and convert it into energy, offering a sustainable approach to energy production. Reverion’s investor lineup includes Doral Energy-Tech Ventures, Honda, and others.
$40M Series C for Geothermal Energy Expansion
Dandelion Energy, headquartered in Mount Kisco, New York, secured $40 million in a Series C funding round led by Google Ventures. The company is focused on geothermal energy systems, providing homeowners with an efficient and clean alternative to traditional heating and cooling. With support from investors like Breakthrough Energy Ventures, Dandelion aims to expand its residential geothermal installations, bringing carbon-free energy systems to more homes across the U.S.
$33M Series A for Hydrogen Storage Batteries
Battolyser Systems, a Dutch company based in Schiedam, raised $33 million in its Series A funding, with Global Cleantech Capital leading the round. The company’s hybrid battery-electrolyzer technology allows it to both store electricity and produce hydrogen, offering a unique solution for energy storage and hydrogen production. This dual capability is seen as a vital component in the green hydrogen economy. The funds will enable Battolyser Systems to scale its production and further develop its technology for industrial applications.
$23M Series A for Virtual Power Plant Software
David Energy, a Brooklyn-based company, secured $23 million in Series A funding led by Cathay Innovation. David Energy is making waves in the energy industry with its Virtual Power Plant (VPP) software, which aggregates and optimizes distributed energy resources like solar panels and batteries. Their VPP platform provides real-time insights and control, making energy consumption more efficient for businesses and utilities alike. The funds will accelerate product development and expand their customer base in the U.S. market.
$17.2M Series C for Modular Power Storage Systems
Japan’s PowerX raised $17.2 million in Series C funding to advance its modular power storage systems. PowerX’s innovative approach to energy storage includes developing compact, high-capacity battery systems suitable for both residential and industrial applications. The funding, led by Chugin Capital Partners, will allow PowerX to scale up production and introduce new products to the market. With Japan focusing heavily on renewable energy, PowerX is positioned to play a crucial role in the country’s energy transition.
$16.9M Series A for Direct Air Capture Technology
Dutch startup Carbyon, based in Eindhoven, raised $16.9 million in Series A funding. Carbyon is pioneering direct air capture (DAC) technology, which removes CO2 directly from the atmosphere and stores it for long-term use or sequestration. This funding, provided by Brabant Development and Lowercarbon Capital, among others, will allow Carbyon to build larger-scale DAC units, potentially contributing to global efforts to combat climate change by reducing atmospheric carbon levels.
$14M Series A for Solar Storage Solutions
China’s Wuxi Zhongneng Solar Storage secured $14 million in Series A funding to scale its solar battery systems. Focused on providing integrated solar storage solutions, the company plans to use the funds to expand its production capabilities and improve its battery technologies. The funding round was led by Huada Fund and Wuxi Jintou Capital, positioning the company to meet growing demand for renewable energy storage in China’s rapidly evolving solar market.
$13M Series B for Energy Management Software
Paris-based Elum Energy raised $13 million in Series B funding to continue developing its energy management systems. Elum’s software optimizes the use of solar energy and battery storage for commercial and industrial users, improving efficiency and reducing energy costs. The round, led by Energize Capital, will enable Elum to enhance its software offerings and expand into new markets.
$11.6M Series A for Next-Gen Electrolyte Technology
Allegro Energy, headquartered in Newcastle, Australia, raised $11.6 million in Series A funding led by the Grantham Foundation. The company specializes in developing next-generation, water-based electrolytes for batteries, which are both safer and more environmentally friendly than conventional alternatives. This funding will accelerate Allegro’s R&D efforts and bring its products closer to commercialization.
$8M Series A for EV Charging Infrastructure
Charge+, based in Singapore, raised $8 million in a Series A funding round led by TNB Aura. The company is focused on building EV charging infrastructure across Southeast Asia, with a particular emphasis on rapid charging technologies. The funds will be used to expand their charging network, aiming to support the growing number of electric vehicles in the region.
$5.7M Series A for EV Battery Packs
India’s Clean Electric raised $5.7 million in a Series A round led by Info Edge and Kalaari Capital. The startup is developing advanced battery packs for electric vehicles, which offer longer range and faster charging times. The new funds will allow Clean Electric to ramp up production and explore new markets in the electric mobility sector.
$2M Series A for Electric Motorcycle Batteries
Ampersand, a Rwandan startup, secured $2 million in Series A funding. The company is revolutionizing the electric motorcycle market in Africa by providing affordable, swappable battery solutions. With backing from AHL Venture Partners and Beyond Capital Ventures, Ampersand plans to scale its operations and expand its battery-swapping network across East Africa.
