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London Tech Week

Preventing battery fires: Germany’s ACCURE Battery Intelligence snaps €7.2M for reduced risk

Accure funding
Picture credits: Accure

As per a report by the International Energy Agency, the global electric car sales are expected to reach 14 million this year, up from 10 million in 2022, accounting for one-fifth of the overall car market. Battery energy storage systems are also increasing with one forecast predicting annual global installations will exceed 400 GWh by 2030, from 74 GWh this year.

Battery fires are causing injuries and fatalities, and costing billions in damage, prompting more companies and fleet operators to look for ways to reduce the risk of battery fires while also getting more value from their battery assets. This is where Germany-based ACCURE Battery Intelligence comes into the picture. It ensures battery safety, performance, and extended life for energy storage, electric vehicles, and other applications.

Snaps €7.2M funding 

In a recent development, ACCURE Battery Intelligence has snapped a €7.2 million investment in a round led by Blue Bear Capital and HSBC Asset Management and included Riverstone Holdings and Capnamic Ventures. The funding will enable ACCURE to accelerate its growth and provide comprehensive battery asset health and monitoring solutions to businesses worldwide across energy, electric vehicles, transit, marine, insurance, and other industries.

“ACCURE is on a mission to improve battery safety, reliability, and longevity,” said Dr. Kai-Philipp Kairies, Co-Founder and CEO at ACCURE. “Our predictive analytics software supports more than 2.6 gigawatt-hours of storage, preventing numerous battery incidents, and most importantly, our customers now have peace of mind knowing that an independent and trusted partner is ensuring safe, high-performing systems.”

“We see advanced software like ACCURE’s increasing the safety, output and value of battery assets, becoming one of the most important tools in the global buildout of renewable energy, energy storage, electric vehicles, and other battery-powered infrastructure,” said Dr. Carolin Funk, Partner at Blue Bear Capital. 

“As energy and mobility lead the electrification of industries globally, we are excited to be supporting ACCURE to scale their battery intelligence platform,” said Christophe Defert, Head of Climate Technology Investments at HSBC Asset Management. “As the world’s use of batteries grows exponentially in our homes, businesses, vehicles, and electric grids, the need for safety and reliability has never been greater.”

“Safety and reliability are important to HDI and our customers, and we are pleased to partner with ACCURE and leverage the company’s predictive battery analytics technology to offer better risk mitigation tools to our customers,” said Claire McDonald, member of the board of HDI Global SE. “We see immense growth potential for battery safety and monitoring technology, to prevent incidents and increase the security and economic viability of battery-powered infrastructure.”

Detects battery cell behaviour 

Founded by Kai-Philipp Kairies, Dr. Johannes Palmer, and Dr. Georg Angenendt, ACCURE’s predictive analytics platform uses AI, field data, and modeling to detect irregular battery cell behaviour and provide an independent third-party view of battery health. Its predictive analytics solution simplifies the complexity of battery data to make batteries safer, more reliable, and more sustainable. 

The platform gives fleet operators and energy storage providers more control and months of lead time to address critical issues, ensuring battery systems run safely and at claimed manufacturer levels, maximising asset value. ACCURE’s solutions have led to the prevention of over 50 battery incidents and have significantly increased the performance and output of utility-scale storage systems around the world. 

Companies that use ACCURE’s predictive analytics platform can get improved insurance conditions, like reduced obligations and deductibles, for coverage against property damage, business interruption, and more. Currently, the company supports over 2.5 GWh for customers worldwide, helping optimise the performance and safety of their battery systems.

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