Inflation Reduction Act accelerated need for expanded manufacturing
Linden-based Turtle & Hughes announced a strategic investment in Cadenza Innovation, a Connecticut-based company that has developed a patented technology platform – aka the “superCell” – that will lead the way to safe, high-performing, low-cost lithium-ion batteries and energy storage solutions.
Terms of the deal were not disclosed.
In the Oct. 4 announcement, Turtle & Hughes – an electrical and industrial distributor – said the recent signing of the Inflation Reduction Act added to the “urgency to develop the U.S. battery manufacturing base and supply chain infrastructure to enable grid modernization, expand EV charging infrastructure and support renewable energy growth.”
The IRA provides incentives for drivers to purchase electric vehicles and lays out a timeline for when and where EV battery components must be manufactured or assembled, according to Forbes.
Turtle & Hughes CEO Kathleen Shanahan sat down with NJBIZ to talk about how the company approaches sustainability. Click here to read more.
Turtle’s recent investment expands upon its relationship with Cadenza and moves it toward its goal of expanding its manufacturing capacity for Li-ion batteries.
CEO Kathleen Shanahan said Turtle & Hughes was proud to partner with a fellow woman-owned diversity business. She called Cadenza CEO Christina Lampe-Onnerud “one of the world’s pre-eminent battery experts.”
“Like Turtle, Cadenza Innovation has proven to be an industry leader by developing groundbreaking technology that will help solve our critical environmental challenges,” Shanahan said in a statement.
U.S. Department of Defense-tested and UL-registered, Cadenza said its superCell technology platform is a safe, flexible and space-efficient design, bolsters utility grid resilience, and can be used in the transportation and commercial and industrial sectors.
Later this year, Cadenza plans to unveil its cloud solution, which would further support the expansion of its global battery manufacturing.
“Together, we will penetrate the urban market for safe and cost-effective lithium-ion energy storage batteries,” Lampe-Onnerud said. “When combining Turtle’s deep customer relationships with Cadenza Innovation’s cutting-edge battery systems, we will enable U.S. leadership and also solutions to climate change.”
Turtle & Hughes, which will celebrate its 100th year in business in 2023, services the industrial, construction, commercial, electrical contracting, export and utility markets. The company entered the energy storage market in 2019.e