Innovative Insights: How Battery Analytics Startups are Transforming the Battery Industry
The battery system makes up 30% to 50% of the vehicle costs. The battery is currently the most expensive component in electric vehciles, meaning warranty periods and battery health are paramount to potential buyers and OEMs. There are two key growth drivers:
1) The demand for electric vehicles is rising owing to the transition to electric vehicles. Automotive lithium-ion (Li-ion) battery demand increased by about 65% to 550 GWh in 2022 (Source: IEA)
2) The market for stationary battery storage is growing. The stationary battery storage will increase from around 25GWh in 2022 to a capacity of 900GWh by 2030 (Source: BNEF).
The supply of a large number of batteries will create the demand for battery analytics software.
Battery health monitoring is emerging as a new market segment as each battery pack behaves differently. It will be important to monitor the behavior in real-time to prevent failure. Originally, battery manufacturers installed BMS (battery management system) in the vehicles to monitor and share some information with the OEMs and the operators. However, the demand for better applications is growing as the operators are using different fleet types.
Some of the key players in the market are as follows:
Coulomb is building Predictive Battery Analytics software for Electric Vehicles to significantly boost their battery performance and extend their lifetime. The company is currently offering two solutions: Battery Observability Platform (Use to monitor the battery performance using digital twin and ML algorithm) and Battery Health Assessment (Allow to assess the life cycle and monitor the aging of the batteries). The company was part of YCombinator S21 batch.
Twaice, founded in June 2018 by Dr. Michael Baumann and Dr. Stephan Rohr, has built analytics software to help with battery management in electric vehicles and other devices. The company creates a “digital twin” of battery systems by utilizing sensor data, and physical and data-driven battery models. The company has raised in total $75m in 5 rounds, including $26m in Series A (2020) and $30m in Series B (2022).
About Energy, founded in 2022, is a battery modeling cell company. The company has a digital version of a real battery and has built different models to optimize performance. The company is spun out of Imperial College of London and helps companies to reduce time to market.
Accure, founded in 2021, is a battery analytics startup, sharing updates on battery performance using big data. The company has raised a total funding of $10.7m, including $8 million in Series A funding. The company uses physics-based modeling and artificial intelligence to continuously monitor and detect over 20 safety-relevant anomalies.
Qnovo, founded in 2010, is offering battery intelligence applications to e-mobility, energy storage, and consumer products segment. The company has raised in total $40.7m. The company performs real-time diagnostics and can predict degradation and safety issues.
Elysia, part of WAE technologies, is a battery intelligence application. The company has built a cloud platform to monitor the performance of battery packs. Further, the company offers BMS algorithms to work with hardware. Elysia is targeting the automotive, energy storage, micromobility, and consumer electronics segment.
Rejoule, founded in 2021, is building a battery health platform. The company is currently serving automakers to perform battery repairs and repurposers for used batteries. The company is offering solutions using their diagnostic system.
About The Author
Jaspal Singh is the Founder of Mobility Innovation Lab (MIL) and Host of the Mobility Innovators Podcast. If you are working on innovative ideas and solving mobility and transportation issues, please feel free to reach out. He loves to talk about startups, mobility, and technology.