Constellation Technology Ventures – the investing arm of Exelon Corp. – has joined Qnovo’s latest Series B funding round.
Qnovo provides enhancements to lithium-ion batteries to improve performance. Qnovo, according to the press release, “will leverage Exelon’s deep knowledge” in the energy sector to expand into storage systems. Quotes in the release note the increasing importance of storage to grid reliability and as a way to support the growing existence of renewable resources.
Qnovo, the release says, offers patented adaptive charging algorithms and analytics to improve battery performance. The company says that it enables faster charging and a longer lifespan. Other investors include Sony, Intel and Rockport Capital.
The Massachusetts Institute of Technology is developing battery technology that offers increased storage capacity.