TAE Tech spins off new company TAE Power Solutions focusing on energy storage, e-mobility and fast-charging space | The Financial Express

TAE Tech spins off new company TAE Power Solutions focusing on energy storage, e-mobility and fast-charging space

TAE Power Solutions will be led by CEO Kedar Munipella, who joins from Applied Materials, a Fortune 200 company where he spent 16 years.

TAE Power Solutions

TAE Technologies, one of the world’s largest private fusion energy companies has formed a new subsidiary, TAE Power Solutions. The spun-out company will focus on delivering a first-of-its-kind technology to fundamentally improve the reliability, efficiency, longevity, and affordability of electric-powered products, from vehicles to renewable energy storage.

The proprietary technology platform is said to be derived from fusion research, and is a foundational step toward the mass onboarding of electric vehicles and deployment of intermittent renewable energy as dispatchable power.

TAE Power Solutions will be led by CEO Kedar Munipella, who joins from Applied Materials, a Fortune 200 company where he spent 16 years, most recently as VP and General Manager of a business unit dedicated to energy and environmental solutions.

L-R: Kedar Munipella, CEO, TAE Power Solutions and Ben Russell, CCO, TAE Power Solutions pose outside company offices in Birmingham, UK.

In addition, TAE Power Solutions has made two strategic acquisitions in the UK to fortify its entry into new markets: Sprint Power, one of the largest transport electrification specialists in Europe, focusing on electrical systems integration and high voltage driveline, and Eltrium, a design and manufacturing company specialising in the production of energy storage systems, power distribution, and electronic assemblies.

Through these acquisitions, TAE Power Solutions will have an early foothold in existing projects, including APC18 CELERITAS, a program for advanced battery systems with BMW and other project partners.

The combined workforce of over 250 professionals, headquartered in California, brings deep domain expertise and long-standing OEM relationships, positioning TAE Power Solutions to become a market leader in emerging power management technologies.

Electrification a key focus area

Kedar Munipella said, “Spinning off TAE’s power management division is an extraordinary opportunity to bring the bold innovations of fusion-derived technology into new applications with profound impact. We expect our significant improvements to electric vehicle battery life, performance, and cost, along with the ability to convert wind and solar into on-demand sources of energy, will transform the future of electrification, creating opportunities for unprecedented efficiencies in e-mobility and energy storage.”

TAE Power Solutions is now developing partnerships for rapid commercialisation in both the e-mobility and stationary markets to extend range, efficiency, performance, and faster charging of electric vehicles, as well as for deployment in residential, commercial, industrial, and utility-scale electrical grid applications for superior affordability and lifetime value.

For the past several years, TAE has been working with Marelli, one of the world’s largest Tier 1 automotive components suppliers, to validate the unique value proposition of TAE Power Solutions technologies.

Joachim Fetzer, Chief Technology and Innovation Officer, Marelli said, “As a global technology leader in the automotive industry, it’s a priority for Marelli to continue driving innovation forward, and with TAE Power Solutions we found an ideal partner in this perspective. Our work with TAE Power Solutions over the years has focused on strongly improving the three crucial factors for broad EV adoption: increased vehicle range, faster charging, and better overall vehicle value. With the final aim to make EVs perform better, drive farther, last longer, and be more affordable, this collaboration enables Marelli to be in the role of co-creating with its customers the vehicles of the future.”

Michl Binderbauer, CEO, TAE Technologies said, “TAE Power Solutions is the perfect alignment of talent, technology, and market resources to serve our growing power needs and realise TAE’s goal of creating a complete, clean energy ecosystem. With Kedar’s strategic and operational vision, along with our new expanded workforce, TAE Power Solutions is becoming a one-stop shop to deliver a revolutionary approach to power distribution, electrified transportation, and renewable energy storage for our growing carbon-free energy needs.”

The launch of TAE Power Solutions is the latest in a list of significant milestones for TAE Technologies. In 2022, the company announced it had exceeded its fusion reactor performance goals and had closed a $250 million (Rs 2,061 crore) financing round from investors Google, Chevron, and Sumitomo Corporation, among others, bringing its total raised to date to $1.2 billion (Rs 9,896 crore).

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First published on: 24-01-2023 at 10:36 IST