Far East High Technology Fund, Rosatom Venture Fund, and I2BF Global Ventures Announce RUB 200 mln Financing for Titan Power Solution

Titan Power Solution — a designer of energy storage solutions — has raised RUB 200 mln worth of financing from the Far East High Technology Fund (investors: the Far East and Arctic Development Fund, RVC, and Rusnano), Digital Evolution Ventures (managed by MC Orbita Capital Partners, anchor investor Rosatom State Corporation), and its current shareholder I2BF Global Ventures.

Titan Power Solution is a Russian market leader, specializing in the design and manufacture of devices and ultracapacitor-based solutions (industrial electric ultracapacitors), li-ion and hybrid storage units.

The company’s products are used across a diverse range of sectors, including in the automotive industry. Since 2017, Titan Engine Start’s ultracapacitor-

based guaranteed internal-combustion engine starter systems have been installed in special-series vehicles on factory assembly lines in Ulyanovsk Automobile Plant (UAZ). The company has been supplying similar systems to other Russian and international car manufacturers since 2019. Titan Engine Start systems have passed a full range of tests, including crash tests to ensure the systems comply with international safety standards. To date, over 5,000 cars have been equipped with Titan Engine Start systems.

The company is currently designing new products for the energy industry including RES systems (Renewable Energy Storage), as well as solutions for the electric transport and manufacturing industries. In 2019, the company signed a major supply contract with Red Wind B.V. (joint venture between NovaWind JSC and Dutch wind-turbine manufacturer Lagerwey) for ultracapacitor-based blade rotation control systems that will ensure an uninterrupted power supply, which are to be installed on 400 wind turbines at NovaWind JSC wind farms.

The company will use the funds raised from investors to increase its current batch production, design new innovative products, promote operations in the Russian Far East, and enter new markets. The company is planning to establish an engineering center and assembly plant in the Komsomolsk ASEZ (Advanced Special Economic Zone) at the Parus Industrial Park in the Russian city of Komsomolsk-on-Amur. The company has already opened a separate business unit in the city.

Vladimir Vorozheykin, Founder and CEO of Titan Power Solution:

These investments will make it possible for the company to boost its output and meet existing demand, bring new products to the market which are currently still in the design phase, and they will ensure significant market expansion, by simultaneously focusing our efforts on work in the Russian Far East and by entering foreign markets. With the Far East High Technology Fund and Rosatom Fund on board, the company will gain a significant amount of strength and stability.

Ruslan Sarkisov, CEO of the Far East High Technology Fund:

Hi-tech energy storage units are an integral part of the new energy industry, and we have marked them as one of the Fund’s investment priorities that we aim to ultimately realize in the Russian Far East. Titan Power Solution has designed a system that will come in handy in the Far Eastern and Arctic regions, which experience extremely low temperatures. We see the company’s potential in the Russian market and there is a demand for its solutions among a large pool of major industrial enterprises operating in the Far East.

Evgeny Kuznetsov, CEO of Orbita Capital Partners:

Our Fund prioritizes supporting the new wave of technological projects that are transforming core infrastructure and economic sectors. Ultracapacitors and other energy storage systems offer ample opportunity to create smart grids and enhance traditional transport and energy systems with new consumer properties. In a similar vein, these solutions are of interest to our investors (Rosatom State Corporation), which would explain why a major contract offer was made at an early stage during the deal preparation and structuring stage.

Alexander Korchevsky, Partner and Head of the Moscow Office at I2BF Global Ventures:

“I2BF started has been investing in companies specializing in energy storage systems for several years already, which are indispensable in the 21st-century energy industry. These systems are of strategic importance for Russia, and we are happy to support Titan Power as one of the Russian leaders in this industry, and there is also a good change it could evolve into an international company”.

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