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Titan Advanced Energy Solutions Raises $33 Million Series B Led by HG Ventures to Transform Battery Diagnostics and Management

Titan Advanced Energy Solutions Raises $33 Million Series B Led by HG Ventures to Transform Battery Diagnostics and Management

INDIANAPOLIS, IN – November 16, 2021 –

Titan Advanced Energy Solutions (“Titan”), a pioneer in ultrasound-based battery management solutions, announced a $33 million Series B financing led by HG Ventures, the corporate investment arm of The Heritage Group. This new capital positions the company to accelerate industrial-scale deployments of its battery diagnostics and battery sensing/management technologies to drive safer and more efficient manufacturing, operation and repurposing of lithium-ion batteries.

Additional investors from the U.S., EuropeAsia and the Middle East included H+ PartnersGS Futures, the investment arm of the GS GroupGS EnergyDoral Energy-Tech Ventures, the investment arm of Doral Group and Fortistar, along with existing investors Energy Innovation Capital and SE Ventures, the investment arm of Schneider Electric.

“Our ultrasound-based technology spans the battery life cycle. From manufacturing and first use to second life and recycling,” said Shawn Murphy, CEO and co-founder of Titan. “We will continue to propel the shift toward electrification by solving critical issues impacting the performance and safety of new and reused lithium-ion batteries.”

Titan’s primary focus is on the automotive and stationary storage markets. The global EV batteries market is expected to grow from $19.78 billion in 2020 to $38.32 billion in 2025, and the global battery energy storage system market is projected to grow from $2.9 billion in 2020 to $12.1 billion by 2025.1,2

 

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A Reunion to Remember

pictured: Kris Grandlinard (left) and Chuck Myers at US Aggregates’ Portland, Indiana location

On November 11 and every day, we want to thank our more than hundreds of veterans in the Heritage family for your service. To celebrate Veterans Day, enjoy this story of two veterans who reconnected at US Aggregates after serving together over 30 years ago.


Kris Grandlinard

Kris Grandlinard joined the armed forces in 1986, following in the footsteps of World War II veterans in his family. “I felt a duty to honor them and to serve my country,” Kris said. A recruiter’s call for special volunteers set him on a course to Arlington to join a special unit called the 3rd Infantry, also known as the Old Guard. Since 1784, the Old Guard has performed ceremonies and attended to dignitaries and diplomatic events in Washington, DC.

In preparation for joining the Old Guard in Fort Myer, VA, Kris went through more than just basic training. “My company wore period uniforms of the Revolutionary War,” he said, “and we had to polish the buttons ourselves.” The precision and attention to detail instilled in the recruits was essential to their performance not only as soldiers, but as leaders of ceremony.

The Old Guard performs in the Spirit of America pageant

While Kris would lead burials at Arlington and escort government officials, his unit also performed in the Spirit of America, the largest military pageant in the US Army. In the pageant, the Old Guard would reenact historic battles in authentic uniforms while carrying and firing real firearms.

“It helped that the lights were only on the floor and you didn’t see the crowd, but you knew they were there,” Kris said. If he could have seen into the sound booth during his first Spirit of America in 1986, he would have noticed Chuck Myers, who would become his coworker decades later.


Chuck Myers

Chuck’s career ambitions in voice work led him to the military. “In high school, I was terrified to speak in front of people, so I had to learn really fast to overcome that,” he said. After earning a degree in broadcasting, he decided to further his education by joining the armed forces. Like Kris, Chuck was recruited to join the Old Guard; after an audition, he got orders to train in preparation for serving at Arlington.

From 1984-86, Chuck worked at Arlington National Cemetery, issuing periodic announcements. His duties also led him to become “the voice of the Old Guard”—the narrator of the Spirit of America pageant.

Chuck’s last Spirit of America performance was in 1986, the same year that Kris began his tenure with the Old Guard. Both men—one on stage and one narrating from the sound booth—would end up in eastern Indiana decades later, both working for US Aggregates.


Alpha Company

After four years in the army, Kris decided to return to agriculture on his family’s farm. Having grown up across from a stone quarry, he met the owners and mentioned he was looking for a job. In 1990, he started at US Agg’s Linn Grove, Indiana location.

Chuck came back from the military and began working in construction with his brother-in-law. He transitioned to factory work, and then to his current job as a Plant Clerk at US Agg’s Portland, Indiana location. He continues to do radio, voiceover and narration work in his own time.

“I take great pride in being able to serve my people and our country. I just wanted to give back after what this great nation has given me,” Kris said, referring to the gravity of his work in the Old Guard’s Alpha Company and its impact on the families of those he helped lay to rest in Arlington.

The Old Guard at a Revolutionary War reenactment

Chuck appreciates the understanding of American history he gained as a member of the Old Guard. “It was a privilege to serve my country. I really enjoy living in this country and I understand the way that it was formed,” he said.


Fast forward to 2019. A US Agg newsletter celebrating the company’s veterans detailed both Kris’s and Chuck’s service histories. “I saw it in the BLAST, and the next time I saw Chuck, I asked him about it and we got to talking,” Kris said. “It was kind of neat that we were both there, even though it was a short period of time because Chuck had moved on in ’86 and I was just getting there.”

“What are the odds of that? Such a small area we live in, a rural area, and ending up at the same place,” Chuck added. Out of all the possible placements for a soldier in 1986, both ended up in the same premiere unit, overlapping for a single performance.

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Heritage Accelerator Alumnus Wins Innovation Showcase (Again)

The Heritage Group Accelerator powered by Techstars fuels innovation by giving participating startups face time with mentors from across the Heritage family of companies, access to the Heritage Research Group, and a dedicated accelerator team supporting the entrepreneurs. The latest proof of the program’s value comes from Ateios, which was selected into the inaugural accelerator program in 2019 and received additional funding from HG Ventures. Ateios placed first of 22 startups in the Venture Club of Indiana’s Innovation Showcase, which serves as a state finals event at the NCAA Hall of Champions.

Ateios CEO Rajan Kumar (left) and HG Ventures’ Jonathan Schalliol at the 2021 Innovation Showcase

Ateios aims to enable innovations through ultra-thin, flexible and conformable batteries. Compared to typical coin cell batteries, Ateios’s flexible models are more than five times thinner and deliver up to five times higher energy density. As Ateios brings their product to market, these capabilities promise to help people around the world through improved wearable medical devices.

Their innovative manufacturing process caught the eye of Jonathan Schalliol, Director at HG Ventures, when the company applied to the Accelerator in 2019. “It was clear from the first time meeting Raj [Kumar] that Ateios had great potential and was an ideal fit for our accelerator. Their novel battery technology and a team driven to do whatever what it takes to bring it to market is a winning combination.” The supportive network and partnerships that Ateios’s team built during the Accelerator made the company more competitive. Ateios has since moved from La Jolla, California to Indiana.

Kumar, CEO of Ateios, is not the first Heritage Group Accelerator founder to take home the first-place prize at the Innovation Showcase. In 2020, judges awarded first place to MITO Materials, whose specialty additives are engineered to help manufacturers create lighter and more durable products. Since the Accelerator, founders Haley Marie and Kevin Keith have been named to Forbes’ 2021 30 Under 30 list in the Manufacturing & Industry division.

There’s a good chance that one or more of this year’s Accelerator class will feature in next year’s Innovation Showcase. Until then, the founders will take advantage of the opportunities and connections provided during their 13 weeks at The Center.