ACCURE Battery Intelligence Secures €7.2 Million Investment
AACHEN, Germany and BOSTON, Aug. 22, 2023 (GLOBE NEWSWIRE) — ACCURE Battery Intelligence, the leading provider of predictive analytics software to ensure battery safety, performance and extended life for energy storage, electric vehicles, and other applications, today announced it has secured a €7.2 million ($7.8 million) investment. The round was led by Blue Bear Capital and HSBC Asset Management, and included Riverstone Ventures and Capnamic Ventures. The funding will enable ACCURE to accelerate its growth and provide comprehensive battery asset health and monitoring solutions to businesses worldwide across energy, electric vehicles, transit, marine, insurance and other industries.
ACCURE’s predictive analytics platform uses AI, field data and modeling to detect irregular battery cell behavior and provide an independent third-party view of battery health. The platform gives fleet operators and energy storage providers more control and weeks of lead time to address critical issues, ensuring battery systems run safely and at claimed manufacturer levels, maximizing asset value. ACCURE’s solutions have led to the prevention of over 50 battery incidents and have significantly increased the performance and output of utility-scale storage systems around the world.
“ACCURE is on a mission to improve battery safety, reliability, and longevity,” said Dr. Kai-Philipp Kairies, Co-Founder and CEO at ACCURE. “Our predictive analytics software already supports more than three gigawatt-hours of storage, preventing numerous battery incidents, and most importantly, our customers now have peace of mind knowing that an independent and trusted partner is ensuring safe, high-performing systems.”
The funding comes amid soaring battery demand and the need to improve their operation. In the U.S., the Inflation Reduction Act has allocated billions to build and operate renewable energy, energy storage, electric vehicles, and other battery products, while extreme weather events, such as recent record heat waves across the U.S., Europe and other regions, demonstrate the necessity of grid-strengthening batteries.
“We see advanced software like ACCURE’s increasing the safety, output and value of battery assets, becoming one of the most important tools in the global buildout of renewable energy, energy storage, electric vehicles, and other battery-powered infrastructure,” said Dr. Carolin Funk, Partner at Blue Bear Capital.
Global electric car sales are expected to reach 14 million this year, up from 10 million in 2022, accounting for one-fifth of the overall car market, according to the International Energy Agency. Battery energy storage systems are also increasing, with one forecast predicting annual global installations will exceed 400 GWh by 2030, from 74 GWh this year.
“As energy and mobility lead the electrification of industries globally, we are excited to be supporting ACCURE to scale their battery intelligence platform,” said Christophe Defert, Head of Climate Technology Investments at HSBC Asset Management. “As the world’s use of batteries grows exponentially in our homes, businesses, vehicles, and electric grids, the need for safety and reliability has never been greater.”
Battery fires are causing injuries and fatalities, and costing billions in damage, prompting more companies and fleet operators to look for ways to reduce the risk of battery fires while also getting more value from their battery assets.
Companies that use ACCURE’s predictive analytics platform also can get improved insurance conditions, like reduced obligations and deductibles, for coverage against property damage, business interruption, and more.
“Safety and reliability are important to HDI and our customers, and we are pleased to partner with ACCURE and leverage the company’s predictive battery analytics technology to offer better risk mitigation tools to our customers,” said Claire McDonald, member of the board of HDI Global SE, an industrial insurance provider. “We see immense growth potential for battery safety and monitoring technology, to prevent incidents and increase the security and economic viability of battery-powered infrastructure.”
About ACCURE Battery Intelligence
ACCURE provides comprehensive solutions to manage battery asset health to help companies reduce risk, improve performance, and maximize the business value of battery energy storage, electric vehicles, and other applications. Our predictive analytics solution simplifies the complexity of battery data to make batteries safer, more reliable, and more sustainable. By combining cutting-edge artificial intelligence with deep expert knowledge of batteries, we bring a new level of clarity to energy storage. Today, we support more than three GWh for customers worldwide, helping optimize the performance and safety of their battery systems. Visit us at accure.net.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed8602ba-4058-4db7-bf8d-b9b2a84e307f