Carrar Raises $5.3 Million to Deliver Commercial Battery Modules for Electric Vehicles that Triple Battery Lifetime
Carrar, a provider of battery modules and thermal management systems for electric vehicles (EVs), today announced the closing of its $5.3 million Series A funding round to deliver commercial automotive-grade battery modules for electric vehicles with novel internal thermal management based on two-phase immersion technology.
The round included new investors Salida B.V., OurCrowd, and NextGear, and current investors Gentherm, Next Leap Ventures, Dive Digital, and others.
Carrar is transforming e-mobility with battery modules and thermal management systems that dissipate twice the amount of heat of existing solutions, increasing battery lifespan three-fold.
Carrar also improves EV safety by preventing the temperature spirals caused by battery exothermic processes, which lead to thermal runaway and battery fire.
"I'm happy to begin this new stage in our company's growth," said Avinoam Rubinstain, Carrar's CEO. "We thank our investors for the vote of confidence in our capabilities and vision. This investment will enable us to achieve the last mile of bringing our modules to market."
"We are working with Tier-1 companies Gentherm and Röchling to build a first-of-its-kind battery module that presents outstanding cooling capabilities," Rubinstain said.
"A safety test we conducted on a module developed with a global heavy-duty EV manufacturer achieved excellent results in preventing thermal runaway and battery fire," he said.
"We are confident in our vision of optimal performance for electric vehicles in all weather conditions and improved passenger safety while reducing the environmental impact of EV batteries," Mr. Rubinstain added.
"A considerable advantage of Carrar's system is heat dissipation and enhanced safety, which represents an exceptional business opportunity in the EV market," said Sake Bosch, Key Principal at Salida B.V.
"Carrar addresses some of the main challenges of the e-mobility industry?battery safety, longevity, and cost," added Tal Cohen, Founding Partner at Next Gear Ventures. "Carrar brings tangible benefits to consumers that will help increase adoption of electric vehicles worldwide."
OurCrowd CEO Jon Medved said, "We are excited to invest in Carrar, a leader in thermal management for the fast-growing EV market. Anyone who experienced problems with their electric vehicles in North America this winter understands how critical it is to manage the temperature of EV batteries. Carrar is poised to provide a must-have solution to this problem. With a growing list of customers and partners, joined by an A list of value-added investors, Carrar has the key ingredients for potential success."
"Carrar's offices and team in Sderot, near Gaza, were attacked by Hamas on October 7th. Avinoam and his team have shown outstanding perseverance in adhering to the company's development and business roadmap and completing a successful investment round despite these huge challenges. We salute them and are proud to be among their investors," Medved added.
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About Carrar: Carrar develops battery packs for electric vehicle batteries and thermal management systems for the powertrain and in-vehicle computers based on two-phase immersion cooling technology. Carrar maintains optimal battery temperature in all climates, extending battery lifetime threefold and reducing the Total Cost of Ownership of EVs. Carrar increases EV safety by preventing thermal runaway and battery fire. For more information, please visit www.carrar.net
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