NEWARK, Calif.,
Jan. 11, 2022 /PRNewswire/
-- Qnovo, a pioneer in battery management software, announced
the closing of $24M in Series-C
financing. BorgWarner led the round with significant participation
by OGCI Climate Investments and Constellation Technology Ventures.
Existing investors U.S. Venture Partners and RockPort Capital also
participated. The company, which is in advanced vehicle
qualifications with several global passenger and commercial
electric vehicle (EV) manufacturers, will use the new capital to
scale their software products into EV production, and support
growing demand from grid stationary storage systems.
"Qnovo takes a unique approach to enhancing battery management.
Their advanced battery management software provides safety,
performance, and predictive software intelligence missing in
traditional battery management systems, but critical to deliver
robust battery experience," said Harry L.
Husted, Chief Technology Officer of BorgWarner.
Qnovo's in-vehicle software products provide enhanced battery
health and performance, which includes very fast charging, extended
battery longevity and driving range to meet the demands of
next-generation automobiles and commercial vehicles. The company's
predictive software intelligence greatly improves battery safety by
avoiding battery recalls due to latent manufacturing defects.
"We are delighted to welcome Qnovo as our 24th portfolio
investment", said Pratima
Rangarajan, CEO at OGCI Climate Investments. "Our focus on
facilitating significant near and long-term emissions reduction is
well-matched with Qnovo's early results and future potential."
"This new capital along with our strategic partnerships will
accelerate the deployment of our software solutions in the EV
market and further expand into green energy storage and
sustainability markets," said Nadim
Maluf, CEO of Qnovo.
About Qnovo
Qnovo is reinventing one of the most basic
foundations of energy storage and mobility – the battery and how it
is managed. Qnovo develops intelligent battery management software
and predictive analytics that improve battery performance with
enhanced health and safety. By augmenting battery chemistry with
computation and learning software, Qnovo enables batteries to
safely charge faster with extended battery longevity. Over 150
million smartphones globally use Qnovo's software products. The
company is headquartered in Newark,
California, with global support offices in Asia and Europe. Follow us at
https://qnovo.com/qnovation-blog/
About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a
global product leader in delivering innovative and sustainable
mobility solutions for the vehicle market. Building on its original
equipment expertise, BorgWarner also brings market-leading product
and service solutions to the global aftermarket. Visit
borgwarner.com.
About OGCI Climate Investments
OGCI Climate Investments manages a US$1B+ fund that seeks to
accelerate global implementation of low carbon solutions which will
deliver meaningful and measurable carbon reduction by collaborating
with its portfolio companies, OGCI members, governments, business
partners, end customers and co-investors.
Visit https://www.ogci.com/climate-investments/
About Constellation
Constellation, an Exelon (NYSE: EXC) company, is the largest
provider of carbon-free energy and a leading competitive provider
of energy products and services across the continental United States. Learn more at
www.constellation.com.
Contact Information:
Media Contact: pr@qnovo.com
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SOURCE Qnovo