Carrar raises funds to deliver commercial battery modules for electric vehicles

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Carrar, a provider of battery modules and thermal management systems for electric vehicles (EVs), has successfully closed a $5.3 million Series A funding round to deliver commercial automotive-grade battery modules for electric vehicles.

Credit: Carrar

The round included new investors Salida, OurCrowd, NextGear, and current investors Gentherm, Next Leap Ventures, Dive Digital, and others.

Carrar is developing battery modules and thermal management systems that dissipate twice the amount of heat of existing solutions, increasing battery lifespan three-fold and is improving EV safety by preventing the temperature spirals caused by battery exothermic processes, which lead to thermal runaway and battery fire.

Commenting Avinoam Rubinstain, Carrar’s CEO said, “This investment will enable us to achieve the last mile of bringing our superb technology 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.

“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 added, “and 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.”

“A considerable advantage of Carrar’s system is heat dissipation and enhanced safety. This offering represents an exceptional business opportunity in the fast-moving EV market,” said Sake Bosch, Key Principal at Salida.

OurCrowd CEO Jon Medved said, “Anyone who experienced problems with their electric vehicles in North America this winter understands just how critical it is to manage the temperature of EV batteries. Carrar is poised to provide a must-have solution to a critical problem in the fast-growing global EV market. With a growing list of customers and partners, now joined by an A list of value-added investors, Carrar has all the key ingredients for potential success.”