Carrar has announced that it has successfully closed a $5.3 million Series A funding round. This investment will fund the commercial production of advanced battery modules equipped with a patented two-phase immersion cooling and heating system. Designed to triple the lifespan of EV batteries, this technology not only facilitates ultrafast charging but also plays a crucial role in preventing battery fires, marking a notable advancement in EV safety and efficiency.
Key Highlights:
- Funding Round Success: Carrar’s Series A round raises $5.3 million with contributions from new and existing investors.
- Innovative Technology: Patented cooling system extends EV battery life by 3X and supports ultrafast charging.
- Safety Enhancements: The technology significantly reduces the risk of battery fires by managing heat more effectively.
- Market Growth: The global market for EV battery thermal management is projected to grow from $2.9 billion in 2022 to $12.9 billion by 2030.
Carrar, a pioneering provider of battery modules and thermal management systems for EVs, announced the completion of its funding round, supported by investors including Salida B.V., OurCrowd, and NextGear Ventures, alongside existing backers such as Gentherm and Next Leap Ventures. This financial milestone will enable Carrar to bring its groundbreaking automotive-grade battery modules to market, representing a leap forward in e-mobility.
The company’s CEO, Avinoam Rubinstain, expressed gratitude towards investors for their confidence and support, emphasizing the importance of this investment in achieving the company’s market goals. Collaboration with industry leaders like Gentherm and Röchling has led to the development of a battery module that showcases exceptional cooling capabilities, crucial for enhancing EV performance and safety.
Highlighting the system’s safety benefits, Rubinstain shared results from a safety test conducted in partnership with a leading global heavy-duty EV manufacturer, demonstrating the system’s effectiveness in preventing thermal runaway and battery fires.
The thermal management technology not only promises to improve EV safety and performance but also aligns with environmental goals by reducing the overall environmental impact of EV batteries. Industry experts and investors alike recognize Carrar’s potential to address key challenges in e-mobility, including battery safety, longevity, and cost, contributing to the broader adoption of electric vehicles worldwide.
For more information on Carrar and its innovative solutions for the EV market, visit www.carrar.net.
