ACCURE Battery Intelligence, a developer of predictive analytics software to ensure battery safety, performance and extended life for energy storage, electric vehicles, and other applications, secured a €7.2-million ($7.8-million) investment. The round was led by Blue Bear Capital and HSBC Asset Management, and included Riverstone Holdings 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 currently supports more than 2.5 GWh for customers worldwide, helping optimize the performance and safety of their battery systems. Customers include Total Energies, New York City Transit and Berlin public transit agency BVG.
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 months of lead time to address critical issues, ensuring battery systems run safely and at claimed manufacturer levels, maximizing asset value.
ACCURE says that its solutions have led to the prevention of more than 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. Our predictive analytics software supports more than 2.6 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”, states Dr Kai-Philipp Kairies, Co-Founder and CEO at ACCURE
The funding comes amid soaring battery demand and the need to improve their operation. In the US, 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 US, Europe and other regions, demonstrate the necessity of grid-strengthening batteries.
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.
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 can get improved insurance conditions, such as reduced obligations and deductibles, for coverage against property damage, business interruption, and more.
