Energy Assurance has received an undisclosed funding amount from investment firm Renew Partners.

The capital will be used to support the laboratory’s growth and to expand testing capabilities and capacity.

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Already operating in small-format battery testing; specifically lithium-ion batteries for healthcare, consumer electronics, and industrial markets, Energy Assurance plans to grow its footprint in the medium-format segment of the battery-powered products space. 

The global lithium-ion battery market is expected to reach USD$93.1bn by 2025, growing at a CAGR of 17%, according to Grand View Research.

Founded by former Motorola test lab engineers, Cindy Millsaps and John Copeland, Energy Assurance has averaged a 28% YOY growth rate since 2016. While a number of testing labs serve either small or large-battery formats, there is a growing need for medium-format battery testing for products such as outdoor power equipment, light electric vehicles, and residential energy storage. 

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“We’re excited by this infusion of capital as well as the expertise and guidance provided by the Renew Partners team,” said Millsaps.

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“We’re confident this will allow us to move to the next level in our growth and fuel our ability to capitalise on the increasing demand for high-performance, battery-powered products in consumer electronics, industrial, and other key markets.”