Carrar Raises $5.3M to Deliver Commercial Battery Modules for EVs that Triple Battery Lifetime

Carrar, a specialist in battery modules and thermal management systems for electric vehicles (EVs), has successfully concluded its $5.3 million Series A financing round.

This investment will support the deployment of commercial automotive-grade battery modules for EVs, incorporating innovative internal thermal management utilising two-phase immersion technology.

The funding round attracted new investors such as Salida B.V., OurCrowd, and NextGear, alongside continued support from existing stakeholders including Gentherm, Next Leap Ventures, Dive Digital, among others.

Carrar is pioneering advancements in e-mobility through its battery modules and thermal management systems. These innovations are capable of removing double the heat compared to current solutions, thereby tripling the lifespan of batteries. Additionally, Carrar's technology enhances EV safety by averting the temperature increases associated with battery exothermic reactions, which can lead to thermal runaway and, consequently, battery fires.

“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 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.

“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. This offering represents an exceptional business opportunity in the fast-moving 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 and will help increase the adoption of electric vehicles worldwide.”

OurCrowd CEO Jon Medved said, “We are excited to invest in Carrar, a leader in thermal management for the growing EV market. 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.”

“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.