Renewance Inc. Secures $18 Million in Series A Funding to Expand Battery Services

Renewance, Inc., a prominent battery services platform based in Chicago, has announced the successful completion of its Series A funding led by IMM Investment Hong Kong (IMM HK), RockCreek Group, and Evergreen Climate Innovations. The investment, totaling up to $18 million, aims to accelerate Renewance's growth within the electric vehicle (EV) and energy storage system (ESS) sectors. The company offers a comprehensive range of services across the battery lifecycle, having established itself as a leader in the battery industry.

With this new capital injection, Renewance plans to expand its geographical reach and enhance its service offerings. The company’s goal is to capitalize on the projected growth of the North American battery market. Renewance’s suite of services includes commissioning, maintenance, and second-life applications for batteries, positioning it as a full-service provider to its top-tier client base.

Industry leaders from IMM HK and RockCreek emphasized the investment's alignment with their strategic goals of supporting energy transition and enabling the growth of the battery market. Renewance aims to leverage this investment to further its impact on the battery industry, ensuring sustainable growth and the advancement of clean energy solutions.