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.
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.
The company is excited by this infusion of capital as well as the expertise and guidance provided by the Renew Partners team, stated Millsaps. He continued that, they are confident about their move to the next level in their growth and ability to capitalize on the increasing demand for high-performance, battery-powered products in consumer electronics, industrial, and other key markets.
Cres Ferrell of Renew Partners said that, Cindy and John had built a phenomenal foundation in a high-growth space and heir company is excited about where the industry is going as products used for both work and play increasingly require portable, high-performance power sources. He continued by saying that, he and Jon feel uniquely qualified to work with Energy Assurance and they look forward to playing roles in its growth and market reach.
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.