Valkea makes a EUR 500 000 investment in remote battery diagnostics startup Akkurate
December 18, 2020
Valkea Growth Club invests EUR 500 000 in Akkurate Oy, a Finnish lithium-ion battery diagnostics provider. This was part of a convertible note issue together with Tesi (Finnish Industry Investment), investing an equal amount. Akkurate develops an advanced battery diagnostics software, DIAGNOSE, that provides detailed, real-time and hardware-independent data about the state-of-health of cells and modules of lithium-ion batteries. Having a holistic know-how in battery technology research, battery testing and analysis, cell design, and charging system design, Akkurate’s DNA lies in its extensive expertise in lithium-ion batteries.
Valkea invests in renewing the value chain for lithium-ion batteries to enable a cleaner, electrified future. This strategic investment in Akkurate is central in the transition towards a cleaner future by driving efficient use of stationary lithium-ion batteries throughout their lifetime. The smart and purposeful use of software allows cutting down on production of waste and the unnecessary use of materials by identifying modules for recycling and re-use when lithium-ion batteries reach the end of their ‘first life’. Akkurate has years of relevant experience in lithium batteries and advanced analytics.
"Our investment in Akkurate marks Valkea's first investment in an external startup. We have been impressed over the recent years by the depth of the team's know-how in the lithium-ion batteries and the value proposition of DIAGNOSE," says Mikael Myllymäki, Head of External Venturing at Fortum. "The battery ecosystem is an important and fast-moving segment for us, and our investment is a natural next step in building a strategic relationship with Akkurate."
“I am very pleased about Valkea's strategic investment, which is an important milestone for our further growth,” says Mika Kanninen, CEO of Akkurate. “With the rapid change towards renewable energy production and the electrification of transport, we are experiencing high traction for both stationary battery storages and mobile applications, while helping our customers optimize the lifetime and the value of their batteries. In addition to the financial support, we gain better insight into the energy production market and recycling. It´s exciting to see how our amazing team with decades of experience in lithium-ion batteries utilizes all that in our software”
During the launch in June 2020, Valkea announced its plans to invest over EUR 50 million into innovative B2B and B2C digital solutions in the energy, sustainability and resource-efficiency sectors over the next three years. Valkea’s existing portfolio consists of six companies in the fields of electric vehicle charging, battery lifecycle management in electric fleets, CO2 removal, smart power consumption at home and industrial virtual reality.
The investment in Akkurate is the first in the series of many more new investments to come, as Valkea envisions to grow its community of action-oriented entrepreneurs, who inspire also others, to transform our relationship with the earth and its resources. "We are truly excited about this investment. Akkurate will hopefully play an important part in our battery ecosystem strategy going forward”, says Ilkka Lassila, the Chief Operating Officer of Valkea.
Ilkka Lassila, Chief Operating Officer at Valkea Growth Club
Mika Kanninen, CEO of Akkurate
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