Battery safety AI company secures $7.8M investment for its analytics software
Storage

Battery safety AI company secures $7.8M investment for its analytics software

ACCURE Battery Intelligence, a Germany-based provider of predictive analytics software to ensure battery safety, performance, and extended life for energy storage, electric vehicles, and other applications, announced it has secured a $7.8 million investment.

The round was led by Blue Bear Capital and HSBC Asset Management, and included Riverstone Holdings and Capnamic Ventures. ACCURE says the funding will enable it 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’s customers include TotalEnergies, New York City Transit, and Berlin public transit agency BVG.

The company explains that its predictive analytics platform uses artificial intelligence (AI), field data, and modeling to detect irregular battery cell behavior and provide an independent third-party view of battery health. The company says its 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. ACCURE’s solutions have led to the prevention of over 50 battery incidents around the world, the company said. 

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The funding comes amid increasing battery demand and the need to improve their operation. In the U.S., 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 U.S., 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.