Titan AES Closes $10 Million Series A for Ultrasound-Based Battery Management
Titan Advanced Energy Solutions, Inc. (Titan AES), a pioneer in ultrasound-based battery management solutions, announced today an investment of $10 million in Series A financing. The investment will aid Titan AES in its mission to propel the shift towards electrification by solving an issue impacting all conventional lithium-ion battery management systems on the market today – inaccurate measurements.
Titan AES's ionView™ technology enhances the performance and significantly extends the life-cycle of existing lithium ion battery technology. IonView™ is applicable to all lithium ion battery applications and has received positive market validation, as proven by the company's fast customer traction which includes multiple multinational automotive OEMs and stationary storage providers.
The round was co-led by Schneider Electric Ventures (SEV) and Energy Innovation Capital (EIC) and included participation from the Massachusetts Clean Energy Center (MassCEC). Titan AES will use the funds to accelerate product development, launch solutions that enable second-life batteries to be repurposed, recruit top engineering talent and expand sales activities in the automotive and consumer electronics markets.
"The energy and automotive industries require significant improvements in battery performance to master electrification. Titan AES has already demonstrated the potential to greatly extend the range of electric vehicles, providing significant value to their automotive customers," said Ben Stanzl, Managing Director at Energy Innovation Capital.
"As energy production shifts from a centralized to a distributed model, energy storage is a cornerstone of this new paradigm," said Jean-Luc Meyer, Senior VP of Business Development, Innovation at the Edge at Schneider Electric. "Titan AES technology changes the economics of energy storage to meet market demand while creating a more sustainable model."
Titan AES was founded by seasoned entrepreneurs Shawn Murphy and Sean O'Day. Murphy previously founded Shell TechWorks, Shell Oil and Gas' advanced engineering and innovation center, and before that was Head of Science and Technology for Space Systems at Draper Laboratory.
Prior to Titan, O'Day was a partner and investor in Sonnedix, a utility scale solar IPP, where he led the Future Solutions Group that was focused on utility scale energy storage solutions to enable intermittent renewable energy projects at utility scale.
"Our vision is to provide dramatic improvements to the performance, economics and safety of lithium-ion based battery storage for applications such as electric vehicles, grid energy storage systems, and consumer electronics that were previously cost-prohibitive," said Shawn Murphy, co-founder and CEO of Titan AES.
"We are excited to welcome Schneider Electric and Energy Innovation Capital as strategic and financial partners to enable and accelerate Titan's ability to bring meaningful energy storage solutions to the global market," added Sean O'Day, co-founder and Chief Commercial Officer of Titan AES.
"Massachusetts is home to a nation-leading innovation economy, and thanks to strategic partnerships like Greentown Labs and Schneider Electric's Bold Ideas Challenge, bright young companies like Titan AES have a vibrant cleantech ecosystem to tap into for critical resources and mentorship as they take the next steps in their development," said Massachusetts Clean Energy Center CEO Stephen Pike. "We congratulate Titan AES on a successful funding round and look forward to its continued growth as the company expands operations, enters new markets and creates jobs and economic impact here in the Commonwealth."
As part of the funding round, Jean Luc Meyer and Ben Stanzl will join Titan AES's board of directors.
