Oxford, Connecticut-based Cadenza Innovation, a provider of energy storage solutions, has secured more than $5 million in Series A funding. Golden Seeds led the round with participation from other investors that included Connecticut Innovations and Scale Investors.
Cadenza Innovation, a pioneering provider of energy storage solutions based on disruptive architectures for lithium-ion battery packs, today 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 Founder Dr. Christina Lampe-Onnerud is among the world’s foremost authorities on battery chemistry and design. A World Economic Forum Technology Pioneer, she has shared insights into energy storage and climate change at Davos and for various United Nations groups; is an Ernst & Young Entrepreneur of the Year Hall of Fame winner and MIT Technology Review Young Innovator award recipient; and has earned multiple distinctions for her commitment to environmental sustainability.
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.”
Global markets require energy storage with three critical parameters embodied in a battery solution. Cadenza Innovation delivers these capabilities:
- Energy Density – tighter packaging of electrochemical units delivers longer range in existing vehicle designs as well as viable peak-shaving for grid and community energy storage in urban areas.
- Low Cost – highly simplified design using readily available components in global mass production to approach a price-neutral paradigm when compared to fossil fuels.
- Safety – integrated fire protection, enabling fail-safe battery packs for use in residential, grid and transportation applications.
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.
About Cadenza Innovation
Cadenza Innovation was founded in 2012 by Dr. Christina Lampe-Onnerud, one of the pre-eminent battery experts in the world. The company’s mission is to deploy its intellectual property, field-proven operational and mass production expertise along with its key technology partners to build Cadenza Innovation into a global technology leader in energy density, lowest cost and safety. Driven by an unmatched team of industry experts, a number of whom held key leadership roles at lithium-ion battery cell, pack and system provider Boston-Power and Arthur D. Little, Cadenza Innovation is licensing its technology to allow immediate access to its highly simplified design for large lithium-ion energy storage systems. For more information, visit www.cadenzainnovation.com.
By Iris Dorbian, PEHub