Qnovo gathers 24 million in round led by BorgWarner
Silicon Valley-based controls and software company Qnovo has raised 24 million US dollars from investors. The Series C funding round was led by BorgWarner. The US automotive supplier wants to use the investment to expand its offering in the field of battery management.
In addition to BorgWarner, OGCI Climate Investments and Constellation Technology Ventures also played a key role in the financing round. Funds were also contributed by existing investors such as US Venture Partners and RockPort Capital.
Qnovo plans to use the fresh capital to introduce its software products to electric vehicle manufacturing and to address the growing demand for grid-scale stationary storage systems. “This new capital along with our strategic partnerships will accelerate the deployment of our software solutions in the EV market and further expand into green energy storage and sustainability markets,” said Qnovo CEO Nadim Maluf.
The investment is expected to help US supplier BorgWarner expand its own portfolio of battery solutions. Harry Husted, BorgWarner’s chief technology officer, commented: “BorgWarner sees a great opportunity in the strategic investment to work with Qnovo, as we can leverage their advanced battery management software well in our electrification portfolio.”
Qnovo’s software reportedly includes preventive safety measures and makes faster charging and longer battery life possible. It can also incorporate adaptive charging algorithms and forecasting tools into an application that is compatible with AutoSAR or similar vehicle operating systems.
Last October, BorgWarner laid the foundation stone for a new plant in Portugal. The company plans to manufacture products such as electric motors, inverters and battery management systems there for a wide range of car manufacturers in Europe. The investment in the plant amounts to 100 million euros, according to information at the time.
Partial production is scheduled to begin in the third quarter of 2022, with the company planning to use the plant at full capacity in 2024. The company says it operates manufacturing and technical facilities at 96 locations in 22 countries and employs around 50,000 people worldwide.
As part of its Charging Forward initiative, BorgWarner has accelerated its electrification strategy. The company aims to increase sales of electric vehicle components to about 45 per cent by 2030. BorgWarner is aiming for climate neutrality by 2035.
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