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February 6, 2024

InMotion Ventures Fuels Brazilian Lithium Battery Startup

A pioneering Brazilian startup taking on the challenge of repurposing lithium batteries, $1.2 million investment

In a world increasingly reliant on technology, the indispensability of lithium-ion batteries in our smartphones, laptops, and electric cars cannot be overstated. However, with the growing demand for electronic devices, the issue of what to do with these batteries at the end of their lifespan becomes critical.

Enter Energy Source, a forward-thinking Brazilian startup dedicated to addressing this challenge by offering innovative solutions for repurposing lithium batteries.

Venturing beyond borders, Energy Source has now secured a noteworthy $1.2 million investment from InMotion Ventures, the investment arm of JLR (Jaguar Land Rover), marking the venture capital’s first foray into the Brazilian market. This move underscores InMotion Ventures’ commitment to fostering sustainability, having previously supported pioneering ventures like Carmoola and contributed to Bumper’s $48M funding round in sustainable mobility fintech.

The partnership between Energy Source and InMotion Ventures was facilitated through JLR’s Open Innovation program in Brazil, where the startup’s ingenuity shone as used I-Pace batteries were repurposed to power a solar-powered EV charging station at a local retailer.

With this fresh injection of capital, Energy Source is poised to capitalize on Brazil’s burgeoning startup ecosystem and expand its footprint globally. The startup plans to utilize the funds to accelerate growth, broaden its operations, and continue serving global clients like JLR from its expansive industrial plant in São João da Boa Vista.

Founded in 2016 by serial entrepreneur David Noronha, Energy Source is at the forefront of end-of-life battery management and lifecycle optimization. Their comprehensive suite of services, including local repair solutions and second-life storage systems, not only extend battery lifespan but also open up new revenue streams for OEMs while promoting sustainability.

While the competition in the battery recycling space is fierce, Energy Source stands out with its full-stack approach covering repair, re-use, and recycling of lithium-ion batteries. As the first company in Latin America to manufacture second-life stationary lithium batteries, Energy Source is driving the circular economy forward by reclaiming high-value materials and reducing the environmental impact of new mining activities.

Through its efforts, Energy Source has already made significant strides, producing 10 MW/h of batteries, recycling 700 tonnes of non-reusable batteries, and preventing 1,600 tonnes of carbon emissions. This impactful work has garnered praise from industry leaders like Igor Murakami, Director of New Services and Open Innovation at JLR, who sees this investment as a crucial step towards developing an end-to-end EV ecosystem.

For David Noronha, CEO and founder of Energy Source, the partnership with JLR and InMotion Ventures represents not just an opportunity but a strategic alignment of visions. Together, they are poised to revolutionize fleet electrification and drive meaningful progress in the electronics industry, paving the way for impactful solutions that address the challenges of tomorrow.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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