Mitsubishi Heavy Industries Ltd. has joined the list of investors in startup Element Energy, which says its technology can prolong the life of batteries, including ones re-purposed from electric vehicles.
The funding will help it launch a 50 megawatt-hour pilot project in Texas that redeploys used EV batteries to supply the grid. That site — with the storage equivalent of about 5,000 home batteries — will go online early next year. Commercialization is expected by the end of 2024.
Storage is a key piece of the US energy transition. Batteries are needed to complement wind and solar power that’s otherwise dependent on the air and sun. Second-life battery systems are a way for customers to help reduce their carbon footprint and keep costs down. Element’s technology, which screens and diagnoses batteries, can help a reused battery last an additional 15 years, Chief Executive Officer Tony Stratakos said in an interview.
Other investors including LG Technology Ventures LLC and Edison International also participated in the $111 million funding round, which included a $73 million equity component plus a debt facility, according to a company statement. Menlo Park, California-based Element will also use some of the funding for research and working capital, it said.
