Cadenza Innovation, a provider of energy storage solutions based on disruptive architectures for lithium-ion battery packs, has announced more than $5 million in growth capital. The company will use the new funds to expand product development, secure additional certifications, extend initial deployments, make key new hires and fuel revenue growth.
Cadenza Innovation is bringing to market a low cost and high-performance technology platform for licensing to lithium-ion battery manufacturers worldwide. There is unprecedented demand for these next-generation solutions, especially in the electric transport and grid markets, each of which is expected to surpass $100 billion in sales within the next decade.
Led by Golden Seeds, investors in the oversubscribed Series A round include Connecticut Innovations, Scale Investors, Summit Power Group Co-chairman Eric Redman and entrepreneur, philanthropist and investor Mark Torrance, along with angel investors from Asia, Europe and North America. Golden Seeds joins Cadenza Innovation’s board of directors, with 30+ year financial industry veteran and former JP Morgan Chase Managing Director Doug Bateson serving in that role. Through its advisory board, chaired by Mr. Torrance, whose foundation invests in organizations using creative solutions to improve communities locally and globally, Cadenza Innovation also benefits from the guidance of Mr. Redman as well as energy and utility industry leader Ben Rogers.
Working closely with Dr. Lampe-Onnerud, Cadenza Innovation’s corporate and technical leadership team previously established Boston-Power, which today is based in China and is one of the world’s fastest-growing lithium-ion battery manufacturers. The team includes Cadenza Innovation Chief Technology Officer Dr. Per Onnerud, Chief Operating Officer Declan Shalvey and Vice President of Research and Development Dr. Jay Shi. The company is collaborating with an extensive network that includes FCA (Fiat Chrysler), ABB, Alcoa, Morgan Advanced Materials, the U.S. Department of Energy, the National Renewable Energy Lab (NREL) and multiple supply chain sources throughout Asia and the U.S.
Development of the Cadenza platform has been funded, in part, by the Advanced Research Projects Agency-Energy (ARPA-E), the U.S. Department of Energy (Award Number DE-AR0000392) and from the New York State Energy Research and Development Authority (NYSERDA) (Agreement Number 70422). Additional financial assistance has been provided by the State of Connecticut, through both Connecticut Innovations and the Department of Economic and Community Development (DECD), and by the Commonwealth of Massachusetts, through its MassCEC Catalyst Program Awards.
“Cadenza Innovation is capitalizing on its intellectual property, combined with the massive industry learning curve, advancements in manufacturing and increasingly mature supply chains, to create a very low cost approach for the packaging of lithium-ion chemistries,” Dr. Lampe-Onnerud said. “We’re excited to partner with global players for rapid implementation into this unprecedented market opportunity — paying particular attention to battery capacity inside a given footprint, total system cost and an unwavering commitment to safety. Doing this also enables our team to remain a meaningful part of the solution to climate change — a mission we’ve held as individuals for decades.”
With more than a dozen patent applications filed and four published, Cadenza Innovation’s novel pack architecture for the EV market enables longer range in a smaller pack footprint; price parity with internal combustion engine vehicles; and eliminates battery pack fires caused by thermal runaway. For the grid market, the company’s solution enables a smaller footprint to open up more placement options; generates higher return on investment via a wider range of use cases; and is critical for entry into dense urban markets characterized by strict safety codes.