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