iBattery Cloud Secures Over 100M Yuan in Pre-A Round
iBattery Cloud has recently completed a pre-A round of financing totaling over 100 million yuan ($14.98 million), led by BlueRun Ventures and followed by Fosun Group and K2VC. The funds are to be used for the continuous construction of the firm’s production capacity and the expansion of its R&D team.
Founded in 2012, iBattery Cloud is engaged in digital energy control systems, and its core technology is a distributed software-defined digital energy exchange system based on energy informatization technology. iBattery Cloud has a core team integrated with industry and research, consisting of experts in the fields of power electronics, battery management, energy storage, chip design and software development at home and abroad, and cooperates deeply with the Department of Electrical Engineering of Tsinghua University.
The Chinese government has set official carbon peaking and carbon neutrality goals, which makes energy storage a new industry worth potentially trillions of dollars. However, safety and cost are still affecting the development of the industry to some extent. Batteries are an important asset in electrochemical energy storage systems.
iBattery Cloud creates digital energy storage-based battery full life cycle management systems. It accepts and manages the differences between batteries, introduces the technological system of internet shielding terminal difference into the field of energy storage, builds a new paradigm of battery applications based on dynamic reconfigurable battery networks, and changes the traditional direct “hard” connection of batteries into a flexible connection of program control.
iBattery Cloud precisely separates batteries suspected of failing by controlling the time each battery connects to the charge and discharge circuit, which fundamentally eliminates heat buildup and thermal runaway. The system can still operate normally after the suspected battery failure is isolated, which greatly improves the availability of the energy storage system and increases the economy of the energy storage system by more than 30%.
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The firm’s digital energy storage technology is applied to various scenarios such as large-scale energy storage on the power supply side, shared energy storage, and standby power of 5G base stations and data centers. iBattery Cloud conducts deep cooperation with leading enterprises such as China Huadian Corporation, China Three Gorges Corporation, China Mobile, and the State Grid Corporation of China, and has achieved technology landing in several demonstration projects.