Energy Source, a São João da Boa Vista, São Paulo, Brazil-based startup offering solutions for the repair, reuse and recycling of lithium batteries, received a USD1.2M investment from InMotion Ventures.
The company intends to use the funds to accelerate its growth and expand its footprint to cater to more international clients.
Led by CEO and Founder David Noronha, Energy Source is a provider of second-life stationary lithium batteries for solar energy, telecom, security systems and others in Latin America. Its local repair offering prolongs the lifespan of existing batteries, negating the need for OEMs to replace a component that can be worth up to 70% of the EV sale price.
In the last seven years, the company has produced approximately 10 MW/h of batteries, recycled 700 tons of non-reusable batteries, and repaired another 5 tons of them, preventing 1,600 tons of carbon from being emitted into the atmosphere.
Commenting on the news, David Noronha said: “My vision is to drive substantial progress in meeting the challenges of fleet electrification and advancing the electronics industry. In this pursuit, forging a partnership with JLR and InMotion Ventures is not just a choice but the ideal pathway for realizing our ambitions. Together, we will harness collective expertise and resources, paving the way for the next significant step in our journey towards impactful solutions“.
FinSMEs
01/02/2024