October 1 (Renewables Now) - US ultrasound-based battery management expert Titan Advanced Energy Solutions Inc, or Titan AES, has closed a USD-10-million (EUR 9.2m) Series A financing round, the company announced on Monday.
Titan AES has developed the ionView technology which is used to improve the performance of existing lithium ion (Li-ion) batteries, while also significantly extending their life-cycle. The solution is applicable to all Li-ion battery applications, including electric vehicles (EVs), grid energy storage systems and consumer electronics.
The company will spend the fresh funds on stepping up product development, launching new solutions and hiring top engineering talent, it said. In addition, it will seek to expand sales activities in the automotive and consumer electronics markets.
The funding round was co-led by Schneider Electric Ventures (SEV) and Energy Innovation Capital (EIC). The Massachusetts Clean Energy Center (MassCEC) also took part in the transaction.
(USD 1.0 = EUR 0.918)