As the demand for electric vehicles (EVs), consumer electronics and grid energy storage systems continues to grow, so does the demand for safer, cheaper, better-performing lithium-ion batteries, which power the majority of these devices due to their superior performance. The problem? Though declining in price, lithium-ion batteries are still expensive to produce compared with some other types of batteries. Additionally, they can explode if flaws are introduced during manufacturing or if they are integrated incorrectly into the end products they’re powering (as anyone who has traveled by air in recent years is no doubt aware).
Cadenza Innovation is solving these challenges. The company, which was founded in 2012, has patented a battery architecture that overcomes safety challenges by housing cells in a fire-resistant ceramic casing that prevents thermal runaway – a term that refers to what unfolds when batteries explode and catch on fire. This novel architecture also delivers greater energy output while reducing manufacturing costs by eliminating unnecessary components.
Connecticut Innovations has joined other private and public investors from around the world to provide Cadenza Innovation with a range of equity investments, tax credits, economic development grants and incentives.
The only team ever to be twice awarded the prestigious World Economic Forum Technology Pioneer designation, Cadenza Innovation today has 32 full-time employees and locations in Wilton and Bethel. Leading manufacturers in China and Australia license the company’s technology with plans to power EVs and next-generation utility grids. The company also has 15 partners, among them ABB, Alcoa and UConn, that are enabling “rapid product deployment.” The U.S. Department of Energy awarded $4M to Cadenza Innovations through its ARPA-E program to further develop its technology for the EV market. And last year, the company received funding for a demonstration project to help fuel New York State’s nation-leading clean energy goals and support Governor Andrew M. Cuomo’s energy storage target of 1500 megawatts by 2025. The New York State Energy Research and Development Authority (NYSERDA) is funding the initiative, which will be located at the New York Power Authority’s (NYPA) headquarters in White Plains.