UK deals drive renewable power spin off
Fusion power developer TAE has launched a renewable power management subsidiary from the acquisition of two UK companies, Sprint Power and Eltrium
TAE Power Solutions is TAE’s second subsidiary and is commercializing breakthroughs in energy storage, electric mobility, fast charging, and grid efficiency for business-to-business applications.
The proprietary technology platform is derived from fusion research, and is a key step toward mass onboarding of electric vehicles and deployment of intermittent renewable energy as dispatchable power.
It will be led by Kedar Munipella as CEO, who joins from US semiconductor equipment maker Applied Materials.
The company is co-developing battery systems in a consortium with BMW and others as part of the UK Celeritas research project.
- UK project for 800V battery packs that charge in 12 minutes
- BMW in UK projects for long range and fast charging EV
Sprint Power in Birmingham is one of the largest transport electrification specialists in Europe, focusing on electrical systems integration and high voltage driveline. Eltrium in Towcester near Northampton is a design and manufacturing company specializing in the production of energy storage systems, power distribution, and electronic assemblies.
Despite the UK acquisitions, TAE Power Solutions is based in California.
Spin off
“Spinning off TAE’s power management division is an extraordinary opportunity to bring the bold innovations of fusion-derived technology into new applications with profound impact,” said Kedar Munipella, CEO of TAE Power Solutions. “We expect our significant improvements to electric vehicle battery life, performance, and cost, along with the ability to convert wind and solar into on-demand sources of energy, will transform the future of electrification, creating opportunities for unprecedented efficiencies in e-mobility and energy storage.”
The technology is derived from a fusion research reactor called Norman that operates at up to 750 MW. To support the research, TAE needed a scalable energy storage and power delivery system. So the company developed a modular bidirectional energy and power delivery system that provides power on a sub-millisecond time scale.
TAE Power Solutions developed proprietary intelligent AC power (ACi) and Converter Battery Module (CBM) technology that features fully integrated energy storage and power electronics.
For the past several years, TAE has been working with Marelli, the Japanese-Italian Tier 1 automotive components supplier, to validate the TAE Power Solutions technologies.
“As a global technology leader in the automotive industry, it’s a priority for Marelli to continue driving innovation forward, and with TAE Power Solutions we found an ideal partner in this perspective,” said Joachim Fetzer, Chief Technology and Innovation Officer of Marelli.
“Our work with TAE Power Solutions over the years has focused on strongly improving the three crucial factors for broad EV adoption: increased vehicle range, faster charging, and better overall vehicle value. With the final aim to make EVs perform better, drive farther, last longer, and be more affordable, this collaboration enables Marelli to be in the role of co-creating with its customers the vehicles of the future.”
“TAE Power Solutions is the perfect alignment of talent, technology, and market resources to serve our growing power needs and realize TAE’s goal of creating a complete, clean energy ecosystem,” said Michl Binderbauer, CEO of TAE Technologies. “With Kedar’s strategic and operational vision, along with our new expanded workforce, TAE Power Solutions is becoming a one-stop shop to deliver a revolutionary approach to power distribution, electrified transportation, and renewable energy storage for our growing carbon-free energy needs.”
Last year parent company TAE, founded in 1998, closed a $250 million financing round from investors Google, Chevron, and Sumitomo Corporation, among others, bringing its total raised to date to $1.2 billion.
TAE Power Solutions; TAE Technologies
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