Titan Advanced Energy Solutions

Background

Founded in 2016, Titan Advanced Energy Solutions (Titan) is a pioneer in applying ultrasound technology to lithium-ion battery diagnostics and management. The company's mission is to enhance battery performance, safety, and longevity across various applications, including electric vehicles (EVs), grid energy storage systems, and consumer electronics. By providing real-time insights into a battery's state of health, capacity, and charge, Titan aims to drive the global shift toward electrification and sustainable energy solutions.

Key Strategic Focus

Titan's strategic objectives center on:

Ultrasound-Based Battery Diagnostics: Utilizing proprietary ultrasound technology to deliver precise, real-time assessments of battery health and performance.

Lifecycle Management: Offering solutions that span the entire battery lifecycle—from manufacturing and first use to second-life applications and recycling.

Safety Enhancements: Developing early warning systems to detect hazardous conditions in lithium-ion batteries, thereby preventing potential failures and ensuring user safety.

Market Expansion: Targeting key markets such as automotive manufacturers, energy storage integrators, and consumer electronics companies in the United States and Europe.

Financials and Funding

Titan has secured significant funding to support its growth and innovation initiatives:

Series A Financing (September 2019): Raised $10 million, co-led by Schneider Electric Ventures and Energy Innovation Capital, with participation from the Massachusetts Clean Energy Center. This funding facilitated product development and market expansion efforts.

Series B Financing (November 2021): Secured $33 million, led by HG Ventures, the corporate investment arm of The Heritage Group. Additional investors included H+ Partners, GS Futures, GS Energy, Doral Energy-Tech Ventures, Fortistar, Energy Innovation Capital, and SE Ventures. The capital is intended to accelerate the deployment of Titan's battery diagnostics and management technologies on an industrial scale.

Pipeline Development

Titan's key developments include:

Scorpion™: A rapid battery diagnostics solution that employs ultrasound technology to assess lithium-ion batteries' charge, degradation, and safety parameters within seconds. This innovation supports the repurposing of EV batteries for second-life applications, thereby extending their usability before recycling.

Early Warning System: In July 2021, Titan received nearly $1.1 million from the U.S. Department of Energy to develop an early warning system capable of detecting hazardous conditions in lithium-ion batteries hours to days before they become dangerous. This system aims to prevent thermal runaway events and enhance battery safety.

Technological Platform and Innovation

Titan's technological advancements are distinguished by:

Ultrasound-Based Diagnostics: The application of ultrasound technology enables non-destructive, high-resolution, and rapid assessments of battery health, identifying critical defects that traditional methods may overlook.

IonSight™: A breakthrough battery inspection technology that detects and characterizes manufacturing anomalies in lithium-ion cells. IonSight™ integrates into existing manufacturing processes, providing real-time quality control and addressing safety concerns.

Leadership Team

Shawn Murphy: Co-founder, CEO, and CTO. Prior to Titan, Murphy founded Shell TechWorks, Shell Oil and Gas' advanced engineering and innovation center, and served as Head of Science and Technology for Space Systems at Draper Laboratory.

Sean O'Day: Co-founder and Chief Commercial Officer. Before Titan, O'Day was a partner and investor in Sonnedix, a utility-scale solar Independent Power Producer, where he led the Future Solutions Group focused on utility-scale energy storage solutions.

Competitor Profile

Market Insights and Dynamics

The global EV batteries market is projected to grow from $19.78 billion in 2020 to $38.32 billion by 2025. Similarly, the global battery energy storage system market is expected to expand from $2.9 billion in 2020 to $12.1 billion by 2025. This growth underscores the increasing demand for advanced battery diagnostics and management solutions.

Competitor Analysis

Key competitors in the battery diagnostics and management sector include:

Ambri: Specializes in liquid metal battery technology for grid-scale energy storage.

Primus Power: Develops flow battery systems for energy storage applications.

Lithium Balance: Offers battery management systems for lithium-ion batteries.

Reliance Lithium Werks: Focuses on lithium iron phosphate battery technology.

ViZn Energy: Provides zinc-iron flow batteries for energy storage.

These companies contribute to a competitive landscape that drives innovation and technological advancements in battery management solutions.

Strategic Collaborations and Partnerships

Titan has established significant partnerships to enhance its market position and technological capabilities:

Navitas Systems: In June 2023, Titan partnered with Navitas Systems to deploy IonSight™ for inspecting pouch cells at the end of the manufacturing line. This collaboration aims to identify critical defects and improve battery quality.

Schneider Electric: Resulting from the Bold Ideas Challenge, Titan entered into a joint development agreement with Schneider Electric to integrate technologies that enhance charge capacity and battery life.

Operational Insights

Titan's strategic considerations include:

Differentiation through Technology: Leveraging proprietary ultrasound-based diagnostics to offer faster, more accurate, and non-destructive battery assessments.

Market Positioning: Focusing on key markets such as automotive manufacturers and energy storage integrators to address the growing demand for reliable battery management solutions.

Sustainability Initiatives: Promoting a circular economy by enabling second-life applications for EV batteries, thereby reducing waste and supporting environmental sustainability.

Strategic Opportunities and Future Directions

Titan's future roadmap includes:

Expansion of Diagnostic Solutions: Further development and deployment of ultrasound-based diagnostics across various battery applications to meet the evolving needs of the energy storage market.

Enhancement of Safety Systems: Continued innovation in early warning systems to detect and prevent hazardous battery conditions, thereby improving safety standards.

Global Market Penetration: Strengthening partnerships and expanding operations in key international markets to capitalize on the growing demand for advanced battery management solutions.