InMotion Ventures, the investment arm of JLR, invests in Energy Source
Summary
This marks InMotion Ventures inaugural foray into Brazil, as it aims to leverage the growing startup ecosystem within the country and extend its scope beyond the UK and the US. The funding will boost Energy Sources development and facilitate the expansion of its operations, ensuring its capacity to serve global clients such as JLR from its 4,500 square metre industrial facility in S\xe3o Jo\xe3o da Boa Vista.Energy Source offers a comprehensive range of post-production services, tackling a critical issue for OEMs: the management and lifecycle optimisation of end-of-life batteries. Its local repair services extend the life of existing batteries, thereby eliminating the need for OEMs to replace components that could account for up to 70% of an electric vehicles sale price. The companys second-life storage solutions present OEMs with opportunities for new revenue streams and energy savings, including battery-powered renewable charging stations at retail locations. David, Norona, and the team are building one of Latin Americas most promising climate-tech startups and were excited to be involved at such an early stage.David Noronha, CEO and Founder of Energy Source: My vision is to drive substantial progress in meeting the challenges of fleet electrification and advancing the electronics industry.