Hardware

Solus battery innovation company secures $28 million in funding

Solus Power, a developer of power solutions for electric vehicles, has secured £22 million (approximately $27,770,160) in the form of an investment pledge from Petra Equity Partners, a Dubai-based private equity and venture capital firm.

Image: Solus

June 26, 2024

The firm has developed portable charging technology solutions for EVs in diverse and off-grid settings, including its ruggedized, military-grade Kratos power units.

Solus is in the process of collaborating with QinetiQ, a defense and security technology firm, to explore defense applications of Solus technology.

"Receiving the incredible support and pledged investment from Petra Equity Partners, which is renowned for backing cutting-edge technology innovators, is testament to our effort to radically rethink how to mobilize energy and solve the biggest challenge of electrification," Solus Power Chief Executive Officer, Stas Leonidou, CEO at Solus Power, said in the release. "Our collaboration will help accelerate the development and deployment of our charging technologies to transform mobility across the globe, including the defense sector where we believe we can support the evolving criteria of its sustainable and adaptable energy needs."

"Solus Power's push into the defense and security sector and its ambitious plan to help electrify and evolve such a key, yet sometimes overlooked, sector aligns with our approach to identify key opportunities within certain industries," a spokesperson for Petra Equity Partners said in the release. "The UAE's mission has always been to be at the forefront of clean energy and is a strategic player within the defense industry. We are excited about the potential impact of Solus Power's technology to help advance the electrification of not only the battlefield but also our ever-evolving cities."

A video demonstration of Solus technology, including the stackable aspect of its portable battery packs, is available below.