Element Energy has raised US$111 million for its first and second life battery energy storage platform (BESS) platform, named Cohort Ventures, Drive Catalyst, FM Capital, AFW Partners and Mitsubishi Heavy Industries (MHI), as new investors in the equity funding. They join existing investors LG Technology Ventures, LG Electronics, Edison International, and Prelude Ventures and Radar Partners. The Series B investment is likely to be the same as the previous announced in December 2022, but this latest investment is nearly three times larger than the original $28 million. Element Energy has developed proprietary hardware and software algorithms that are applicable to both first- and second-life BESS projects and is working to deploy its software as a service for a battery operations and maintenance provider and is considering its application for EV batteries too.

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