ABB Technology Ventures has invested in US startup to scale up production of all kinds of energy storage systems (ESS).
Spear Power Systems is chemistry agnostic in its lithium ion battery technologies for ESS based around a Scalable Battery Management System (SBMS) for portable electronics, unmanned vehicles, advanced weapons, aircraft, and large scale stationary storage.
The modular architecture allows for the same circuit and software blocks to be used for 12V to 1250V applications, as well as for deployments of individual modules versus dozens of parallel strings and works with all lithium ion cell chemistries. The SBMS gather the temperature and voltage measurements of each cell more quickly and precisely than other solutions, providing enhanced safety and more accurate prediction of the battery’s state of charge (SOC) and state of health (SOH).
The investment round was led by Emerald Technology Ventures with significant participation from Energy Innovation Capital, Chevron Technology Ventures, Nabtesco Technology Ventures, KCRise Fund, and Foley Industries along with existing investors Evergy Ventures and Demetree Investors.
“We are pleased to add ABB Technology Ventures to what was already a highly regarded syndicate,” said Jeff Kostos, President and CEO of Spear. “ABB’s investment will contribute towards the scale up of our production capacity, the growth of our global footprint, and the continued advancement of our technology-leading energy storage solutions in order to better serve fast growing marine, industrial e-mobility and defence applications.”
Spear sells its battery system technology as Trident for marine, Pike for industrial motive designs and Spear for defence and military applications. For example, it provided a lithium-ion battery system to Raytheon for a laser-based system for the US Air Force to disable drones.
“We invested in Spear due to its safe and innovative energy storage solutions. Spear’s volumetrically efficient products help accelerate the transformation of our global infrastructure to something that is more efficient & more sustainable,” said Malin Carlstrom, Senior Vice President of ABB Technology Ventures.