This marks InMotion Ventures' inaugural foray into Brazil, as it aims to leverage the growing startup ecosystem within the country and extend its scope beyond the UK and the US. The funding will boost Energy Source's development and facilitate the expansion of its operations, ensuring its capacity to serve global clients such as JLR from its 4,500 square metre industrial facility in São João da Boa Vista.

Energy Source offers a comprehensive range of post-production services, tackling a critical issue for OEMs: the management and lifecycle optimisation of end-of-life batteries. Its local repair services extend the life of existing batteries, thereby eliminating the need for OEMs to replace components that could account for up to 70% of an electric vehicle's sale price. The company's second-life storage solutions present OEMs with opportunities for new revenue streams and energy savings, including battery-powered renewable charging stations at retail locations. Additionally, its recycling operations allow manufacturers to recover valuable materials from depleted cells, enhancing sustainability and reducing reliance on new mining activities.

InMotion Ventures invests in leading startups that have the potential to expedite JLR's transformation, and making early investments in regions such as Latin America provides significant co-development and learning opportunities with a wide-reaching impact.

Mike Smeed, Managing Director at InMotion Ventures: “Repairing, repurposing, and recycling lithium batteries is critical for JLR’s Reimagine strategy, which is why this is an important first investment for us in Brazil. Equity ownership in Energy Source puts JLR on the path to developing an end-to-end EV ecosystem. David, Norona, and the team are building one of Latin America’s most promising climate-tech startups and we’re excited to be involved at such an early stage.”

David Noronha, CEO and Founder of Energy Source: “My vision is to drive substantial progress in meeting the challenges of fleet electrification and advancing the electronics industry. In this pursuit, forging a partnership with JLR and InMotion Ventures is not just a choice but the ideal pathway for realising our ambitions. Together, we will harness collective expertise and resources, paving the way for the next significant step in our journey towards impactful solutions.”