IMM Investment Hong Kong, RockCreek Group, and Evergreen Climate Innovations to Invest Up to $18 Million in Renewance, Inc. to Fuel Growth in Battery Services
CHICAGO, April 10, 2024 (Newswire.com) - IMM Investment Hong Kong ("IMM HK"), RockCreek Group ("RockCreek"), and Evergreen Climate Innovations ("Evergreen") have successfully completed their Series A investment in Renewance, Inc. ("Renewance"), a fast-growing national battery services platform based in Chicago. Renewance works with top-tier clients in the energy storage system (ESS) and electric vehicle (EV) sectors, providing comprehensive solutions throughout the entire battery lifecycle. The Series A Round was led by IMM HK and RockCreek, while Evergreen was an existing investor.
Renewance has positioned itself as a leader in the battery industry, offering a wide range of services including commissioning, operation and maintenance, decommissioning, logistics, warehousing, and second-life applications. Its integrated suite of solutions has earned the trust of its clients, establishing Renewance as a reliable and full-service provider.
With the recent injection of capital from IMM HK, RockCreek, and Evergreen, Renewance is poised for further expansion. The company plans to enhance its geographical footprint and broaden its service offerings, capitalizing on the projected long-term growth of the North American battery industry.
"We are thrilled to invest in Renewance, a company that has emerged as a leading player in the rapidly evolving battery service industry," said Youngjoon Lee, CEO and Managing Partner of IMM HK. "This investment perfectly aligns with our fund's energy transition mandate, and we are excited to support Renewance's expansion by leveraging our extensive network of Asian strategic partners. These partners are deeply involved in the development of the ESS and EV battery ecosystem in North America."
“In order for the battery market to grow, so too must the ecosystem necessary to service and maintain those assets. By providing lifecycle services for both ESS and EV battery systems, Renewance plays a critical role in enabling the clean energy transition, and ensuring it’s done in a safe, environmentally conscious way,” said Justin Heyman, Managing Director of RockCreek. “RockCreek is proud to partner with Renewance to accelerate the growth of this critical energy transition enabling platform.”
Renewance's Series A investment marks a significant milestone in its journey towards becoming a global leader in battery services. The company is dedicated to driving the advancement of sustainable energy solutions and contributing to the transition to a cleaner and greener future.
Industry Growth and Renewance's Strategic Position
The battery industry is experiencing rapid growth, driven by the increasing adoption of electric vehicles and the growing demand for energy storage systems. According to industry reports, the global battery market is projected to reach unprecedented volumes in the coming years, with North America expected to be a key contributor to this growth.
Renewance is strategically positioned to capitalize on this industry expansion. With its deep expertise and comprehensive suite of battery lifecycle management solutions, the company is well-equipped to address the evolving needs of OEMs, dealers, fleet providers, and consumers in the rapidly changing landscape. By combining its technological innovation, data analytics capabilities, and commitment to sustainability, Renewance aims to play a pivotal role in shaping the future of the battery industry.
"Our Series A investment marks a pivotal moment for Renewance as we embark on an exciting phase of growth," said Thomas Newhall, COO of Renewance. "We are grateful for the support and trust from IMM HK, RockCreek, and Evergreen, which will enable us to expand our footprint and enhance our service offerings. With the projected growth in the battery industry, we are well-positioned to lead the charge in battery lifecycle management, driving sustainability and creating value for our clients and partners."
About IMM Investment Hong Kong:
IMM Investment Hong Kong is the overseas investment arm of IMM Investment Corp. (“IMM”), which is a leading Korean alternative investment manager with US$5.5bn assets under management and 56 investment professionals. Formed in 2019, IMM HK has been rapidly implementing the group’s sector-agnostic global investment strategy across North America, Europe, Asia, and MENA with a focus on high growth opportunities and clean energy transition investments.
About RockCreek Group:
RockCreek is a global investment firm, and a leader in investing in the energy transition, that applies innovation, data, and technology to sustainable investing. With more than $16 billion in assets, RockCreek partners with university endowments, foundations, pension plans, corporates, sovereign funds, and family offices to generate long-term value. Since inception, RockCreek has invested over $12 billion in impact companies and strategies. RockCreek’s Futures team provides strategic growth capital to companies catalyzing the energy transition.
About Evergreen Climate Innovations:
Evergreen Climate Innovations ("Evergreen") provides catalytic capital and support to entrepreneurs and startups that bring impactful climate technologies to market. The nonprofit pioneered its 501vc® Investment Fund to align philanthropic and corporate contributions to deliver environmental, economic, and social impact. Evergreen advances and expands access to innovation across the Greater Midwest region of the United States and cultivates an ecosystem of investors, donors, and collaborators. For over a decade, Evergreen has invested in startups that have gone on to raise $54 for every $1 invested. Learn more at evergreeninno.org.
About Renewance, Inc.:
Renewance, Inc. is a Chicago-based leading provider of battery life cycle services for the Energy Storage (ES) and Electric Vehicle (EV) industries. Renewance’s platform that provides software solutions, technical field services, warehousing and logistics, and project management services enables clients to manage their assets more effectively and responsibly throughout their operating life, ensuring the optimal performance and longevity of batteries, as well as safe recycling or repurposing of spent batteries in an economically viable, regulatory compliant and environmentally responsible manner.
Source: Renewance Inc.
