TEXAS: Mitsubishi Heavy Industries Ltd has joined the list of investors in startup Element Energy, which says its technology can prolong the life of batteries, including ones re-purposed from electric vehicles (EVs).The funding will help it launch a 50 megawatt-hour pilot project in Texas that redeploys used EV batteries to supply the grid.

       That site – with the storage equivalent of about 5,000 home batteries – will go online early next year. Commercialisation is expected by the end of 2024.

       Storage is a key piece of the US energy transition. Batteries are needed to complement wind and solar power that’s otherwise dependent on the air and sun.

       Second-life battery systems are a way for customers to help reduce their carbon footprint and keep costs down.

       Element’s technology, which screens and diagnoses batteries, can help a reused battery last an additional 15 years, chief executive officer Tony Stratakos said.

       Other investors including LG Technology Ventures LLC and Edison International also participated in the US$111mil funding round, which included a US$73mil equity component plus a debt facility, according to a company statement.

       Menlo Park, California-based Element will also use some of the funding for research and working capital, it said. — Bloomberg

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