Irvine-based Enevate has added two new members to its executive team, as it readies for further expansion of its development of fast-charging battery technology for electric vehicles.
Yednesh Parnaik was named vice president of sales and marketing, while Lalit Savalia became the vice president of manufacturing operations.
Parnaik will lead Enevate’s expansion of its business in EV battery technology transfer and licensing. He previously worked at Lear Corp. and Johnson Controls.
Savalia is leading the expansion and operation of Enevate’s pilot manufacturing line, which is working with automotive manufacturing partners during the ramp-up to commercialization.
He previously worked at Proterra Inc., an EV technology manufacturer, and John Deere (Deere and Co.).
“Yednesh and Lalit are key additions to our team as we look to expand our battery pilot production line designed as a manufacturing demonstration site for auto and battery makers focused on expanding or building new battery manufacturing plants, including large gigafactories,” Enevate CEO Robert Rango said in a statement.
$200M Investment
With nearly $200 million in investment funding to date and with plans for an expanded battery pre-production line, Enevate has been hiring additional scientists, engineers, and executives and will soon be expanding its facilities in Irvine.
Enevate develops and licenses advanced lithium-ion battery technology for electric vehicles (EVs), with a vision of EVs charging as fast as refueling gas cars, accessible and affordable to everyone, and accelerating EVs’ mass adoption.
“Enevate is in the midst of a significant expansion process as our automotive manufacturing partners move closer to commercializing our EV battery technology as early as 2025,” the company said.
With a portfolio of more than 400 patents issued and in process, Enevate’s work has resulted in battery technology that features five-minute extreme fast charging with high-energy density, low-temperature operation for cold climates, low cost and safety advantages over conventional batteries.
The firm’s investors include Renault-Nissan-Mitsubishi (Alliance Ventures), LG Chem, Samsung Venture Investment Corp., Fidelity Management & Research Company, Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Infinite Potential Technologies, Presidio Ventures–a Sumitomo Corporation company, Lenovo, CEC Capital, and Bangchak.
“Our company looks forward to continuing its role as a high-tech and advanced manufacturing employer here in Orange County,” CEO Rango told the Business Journal.
EVs, California
Enevate is also keeping a close eye on developments here in California, where Rango says there are over 425,000 registered EVs—or 42% of all registered EVs in the US.
“One goal we’re very excited to support is the state of California’s goal to only sell new EVs by 2035. We see this goal as very challenging, but it is possible,” according to Rango.
Enevate is in the midst of a significant expansion process as the company’s automotive manufacturing partners move closer to commercializing its EV battery technology as early as 2025.
During the last eight months, the company has increased its workforce 50% “with more to come.” The firm counted 65 employees in June and declined to release a revised figure.
Enevate’s expansion of its pre-production battery manufacturing line, part of the battery development, is  scheduled to be up and running by mid-2022.
