Emerson Ventures Invests in EECOMOBILITY
Wednesday, November 27, 2024
Strategic investment supports advanced AI software for rapid production testing of batteries
ST. LOUIS, Nov. 19, 2024 /PRNewswire/ -- Emerson (NYSE: EMR) today announced it has made a strategic investment through its corporate venture capital arm Emerson Ventures in EECOMOBILITY, a startup that specializes in advanced battery testing and monitoring software for electric vehicle, energy storage and industrial markets.
EECOMOBILITY builds AI software, rapid battery testing and characterization systems designed to identify defects that may lead to fires or performance issues. Combining advanced characterization techniques and AI, EECOMOBILITY's solutions portfolio can be applied at the cell, module or full battery pack level, making the company a key asset in the automotive sector.
"EECOMOBILITY's AI-driven software for fault detection and battery testing aligns with Emerson's acquisition of NI and growing leadership in test and measurement technologies and expertise across the automotive sector," said Thurston Cromwell, head of Emerson Ventures and vice president of development and innovation at Emerson. "Our experience in high-volume battery production testing will help accelerate EECOMOBILITY's product development and market reach, especially in the automotive, energy storage and industrial technology sectors."
EECOMOBILITY specializes in AI and offers platform-agnostic software that supports both standalone applications and seamless integration into customer solutions, regardless of cloud or hardware infrastructure. The software features rigorously tested, self-learning technology to ensure high speed, accurate results, easy customization and rapid deployment.
"With this investment from Emerson Ventures and anticipated collaboration with Emerson's Test and Measurement business, EECOMOBILITY will be better positioned to transform transportation electrification," said Dr. Saeid Habibi, chief executive officer of EECOMOBILITY. "Given Emerson's leadership in automation and commitment to sustainability, we are confident their support will help us expand the development and applications of our EECOPower technology, enable strategic partnerships and accelerate our growth."
Emerson Ventures will co-invest with Automotive Ventures, RISC Capital and a North American OEM (original equipment manufacturer).
About Emerson
Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world's essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit Emerson.com.
About EECOMOBILITY
EECOMOBILITY is a startup from McMaster University's Centre for Mechatronics and Hybrid Technology, specializing in Artificial Intelligence (AI). EECOMOBILITY has developed advanced testing and monitoring software tailored for the automotive, energy storage, industrial and manufacturing sectors.
Their flagship product line, EECOPower, offers rapid battery cell and module testing and characterization systems designed for lithium-ion battery pack production. These systems are transformative for the automotive industry, capable of detecting defective batteries that can cause fires and performance issues. EECOPower utilizes advanced characterization techniques combined with AI, applicable to battery cells, modules and packs. For more information, visit EECOMOBILITY.
Forward-Looking and Cautionary Statements
Statements in this press release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the Russia-Ukraine and other global conflicts, as well as economic and currency conditions, market demand, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.
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SOURCE Emerson
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