Volta Energy Technologies Announces Major Additions to Global Energy Storage Investor Consortium

International energy company Equinor and global automotive supplier Hanon Systems join founding investors Exelon and Albemarle

CHICAGO (March 26, 2019)– Volta Energy Technologies (Volta) announced today that Equinor and Hanon Systems have joined its consortium which seeks toidentify and invest in promising energy storage technologies. Both companies have made a five-year commitment to Volta as strategic investors.

“The biggest transition our modern day energy systems have ever seen is underway, demonstrated by the increase in demand for renewable, low-carbon energy; Equinor aims to be at the forefront of this development. Being able to store energy – either on the grid, or in electric vehicles that transport us and our goods – is a key enabler to this transition,” said Gareth Burns, vice president and managing director of Equinor Energy Ventures.  “The innovation landscape is dense with opportunity in storage, and we chose to partner with Volta to navigate this landscape because Volta has the expertise and model necessary to succeed.”

Volta launched its model to assess and invest in battery and energy storage innovations in partnership with founding strategic investors Exelon and Albemarle in December 2017. A year later, Volta’s consortium has grown to include corporate investors from a wide swath of complementary sectors.

“This partnership is important to Hanon Systems’ business to better understand how the next generation of battery technology can support the solutions we develop for automakers,” said Nurdal Kücükkaya, president of Hanon Systems. “Joining Volta as a strategic investor gives us access to the industry partners, energy innovators and technical experts necessary to provide our customers with the energy storage solutions they need.”

“Exelon launched and invested in Volta because energy storage represents an important next frontier in the energy system of the future,” said Chris Gould, senior vice president and chief innovation & sustainability officer at Exelon. “When we began our partnership, we envisioned building a cross-sector consortium of corporate partners who, like Exelon, operate at the forefront of innovation.We are pleased that Equinor and Hanon Systems have seen value in the Volta model, and we look forward to a fruitful collaboration.”

“Albemarle is pleased with Volta’s fast start of identifying multiple cutting-edge technologies since launching last year,” said Eric Norris, Albemarle president, Lithium.

Volta’s consortium now includes representatives from the utility, global materials, oil and gas, and automotive industries:

  • Albemarle Corporation (USA), the leading lithium supplier for energy storage and other applications
  • Equinor (Norway), energy company with more than 20,000 employees developing oil, gas, wind and solar energy in more than 30 countries
  • Exelon (USA), the largest producer of emissions-free energy in the U.S. and the nation’s largest utility company by customer count
  • Hanon Systems(South Korea), global automotive supplier of thermal and energy management solutions

“Cross-sector collaboration with corporations – particularly those with strategic interest in energy storage and batteries –  is a hallmark of Volta’s model,” said Volta founder and CEO Jeff Chamberlain. “With the addition of Equinor and Hanon Systems, Volta’s investors represent a fuller spectrum of the energy storage value chain, from energy production and supply, to the use of storage in vehicles and on the electric grid.”

Volta’s strategic investors will benefit from a growing portfolio of technologies and businesses that will enable the ubiquitous adoption of both renewable power generation and electric vehicles. In the coming years, Volta aims to fill out a broad investment portfolio that includes technology advancements not only in chemistry and materials but also in systems integration, charging hardware, intelligent information technology and new business models. To date, Volta has announced four such portfolio investments:

  • Conamix, a technology startup that has developed a breakthrough material and process for creating cobalt-free, low-cost, high-energy materials for lithium-based batteries
  • Ionic Materials, a promising technology company that has invented and is commercializing materials that enable safe, high-energy, solid-state batteries
  • Nanoscale Components, a technology company that has developed a cutting-edge manufacturing process that enables the adoption of higher-energy materials for lithium ion batteries
  • Solid Power, an industry-leading developer of solid-state rechargeable lithium batteries

While traditional venture capital funds often lack the technical expertise and patience required to advance innovations from lab to market, Volta brings deep experience in investing in entrepreneurial efforts and navigating the R&D capabilities of the national laboratory system. The combination of Volta’s relationships with strategic industry partners and Argonne National Laboratory will help maximize impact and returns in this opportunity-rich sector.

“The massive shift in the way the world produces, distributes, and uses energy has created a booming market for interconnected energy storage technologies. A year after launching Volta, we’re delighted to have brought together a strategic investor consortium that will be capitalizing on this movement,” said Chamberlain. “While we are eager to welcome other strategic, corporate investors into Volta, another key priority for us in the coming year is to respond to a growing interest from financial investors in the Volta model. It has always been our strategy to couple Volta’s strategic investor consortium with a vehicle designed for financial investors that can reduce risk for both groups.”

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About Volta

Volta Energy Technologies identifies and invests in battery and energy storage technology after performing deep diligence with the support of unparalleled global research institutions. Seeded by strategic corporate investors, Volta connects innovators with investors and relevant industries that are adopting energy storage technology, delivering strategic returns for all. To learn more, visit plusvolta.com and follow @VoltaLink on Twitter.

About Albemarle
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC, is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world’s largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-added, customized solutions that make them more competitive. Our solutions combine the finest technology and ingredients with the knowledge and know-how of our highly experienced and talented team of operators, scientists and engineers.

About Equinor Energy Ventures

Equinor Energy Ventures (Equinor) is one of the world’s largest corporate venture funds dedicated to investing in attractive and ambitious growth companies in renewable energy. The fund has built a portfolio of investments in companies and funds since it was established in February 2016. The aim of the investments is to help the companies grow, become commercial successes and deliver technologies and business opportunities that can have a relevance to Equinor in the future. For more information, please visit https://www.equinor.com/en/what-we-do/new-energy-solutions/equinor-energy-ventures.html

About Exelon

Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2018 revenue of $36 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 32,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Follow Exelon on Twitter @Exelon

About Hanon Systems
Hanon Systems is a full-line supplier of automotive thermal and energy management solutions for conventional and electrified vehicles. Its offering includes a wide range of solutions in the areas of heating ventilation and air conditioning; powertrain cooling; compressor; fluid transport; and thermal and emissions. The company currently employs more than 16,500 people across 20 countries at its 40 manufacturing and 18 engineering sites. To learn more, visit www.hanonsystems.com