ATLANTA, May 14, 2020 /PRNewswire/ -- Energy Assurance, a provider of testing services that validate battery performance, safety, and compliance, announced today it has received an undisclosed funding amount from investment firm Renew Partners. The capital will be used to support the lab's rapid growth and to expand testing capabilities and capacity. Already a leader in small-format battery testing—specifically lithium-ion batteries for healthcare, consumer electronics, and industrial markets—Energy Assurance plans to grow its footprint in the medium-format segment of the battery-powered products space.
The global lithium-ion battery market is expected to reach USD $93.1 billion by 2025, growing at a CAGR of 17 percent, according to Grand View Research, Inc.
Founded by former Motorola test lab engineers Cindy Millsaps and John Copeland, Energy Assurance has averaged a 28 percent YOY growth rate since 2016. While a number of testing labs serve either small or large-battery formats, there is a growing need for medium-format battery testing for products such as outdoor power equipment, light electric vehicles, and residential energy storage—a gap Energy Assurance intends to fill.
Jon Peterson and Cres Ferrell of Renew Partners will augment the lab's executive team as managing partners. Both offer deep industry experience that includes work with multinational testing and certification labs and an intimate understanding of how to serve customers in testing environments. Millsaps and Copeland will continue to lead Energy Assurance as CEO and COO, respectively.
"We're excited by this infusion of capital as well as the expertise and guidance provided by the Renew Partners team," said Millsaps. "We're confident this will allow us to move to the next level in our growth and fuel our ability to capitalize on the increasing demand for high-performance, battery-powered products in consumer electronics, industrial, and other key markets."
"Cindy and John have built a phenomenal foundation in a high-growth space and we're excited about where the industry is going as products used for both work and play increasingly require portable, high-performance power sources," said Cres Ferrell of Renew Partners. In 2010, Peterson and Ferrell co-founded 4th Strand, a consulting firm focused on consumer and manufacturer product evaluations that was ultimately acquired by Intertek PLC, a multinational testing and certification lab.
"Jon and I feel uniquely qualified to work with Energy Assurance and we look forward to playing roles in its growth and market reach," said Ferrell.
About Energy Assurance
Energy Assurance, LLC is a provider of battery testing for safety, performance, and international compliance verification. The company focuses on small format batteries (<500Wh & <24V), specifically in the healthcare space, industrial and consumer electronics, with significant opportunities to expand both within industry verticals and into larger battery formats. To learn more about Energy Assurance, including its testing services, certifications, and accreditations, please visit www.energy-assurance.com.
SOURCE Energy Assurance