SAN FRANCISCO, July 23, 2025 (GLOBE NEWSWIRE) -- Estes Energy Solutions, Inc. [Estes], a California-based materials and manufacturing innovator, today announced that it has raised $11 million in Seed capital with investment from BMW i Ventures and Fortescue as co-leads, with additional support from New System Ventures and early investor DCVC. With $20 million raised to date, this latest tranche of capital enable Estes to finalize development of its breakthrough multi-chemistry battery pack platform capable of using either NMC and LFP cells, and establish manufacturing operations in the United States.
For the past two decades, battery cell innovations have been the primary driver behind reductions in battery cost and increases in energy density. Estes is charting a new path to drive further improvements at the pack level—one focused on novel materials, advanced manufacturing processes, and architectural optimizations which unlock a new paradigm of performance and economics for high voltage battery packs in the US electrification market.
Mass-sensitive applications will benefit from Estes’ NMC pack variant which exceeds 220 Wh/kg gravimetric and 380 Wh/L volumetric energy density, while cost-sensitive applications will be addressed by Estes’ LFP-powered variant. Both systems are suitable for heavy-use applications and are seamlessly interchangeable with one another, offering OEMs the ability to serve broad markets from a single integration effort.
“We’re seeing the electrification market open up from the initial wave of passenger car and commercial vehicle growth, expanding rapidly into defense, aviation, marine, rail, port, construction, and mining sectors-as well as novel robotics and autonomy applications” said Dustin Grace, CEO of Estes. “The need for the next generation of battery systems is accelerating, and this funding propels us towards serving these markets at the level of performance, economics, and domestic resilience necessary for sustainable growth.”
Estes is seeing strong interest from commercial partners and OEMs across multiple sectors. The pilot manufacturing line enabled with this raise will allow Estes to begin fulfilling these strategic opportunities while fortifying the U.S.-based battery supply chain aligned with national priorities.
“What makes Estes different isn’t just the unique technology—it’s the people.” said Baris Guzel, Partner at BMW i Ventures. “This is a team that’s been in the trenches, building rugged, high-energy-density battery systems with real-world safety and scale in mind. It’s that rare blend of deep engineering chops, operator mindset, and execution urgency. We couldn’t be more excited to partner with them.”
Estes will deploy its capital to expand the development team, build-out its pilot manufacturing capability, and begin deploying battery systems to early customers in Q4 2025.
About Estes Energy Solutions
Estes develops and manufactures exceptional zero-emission power systems that unlock true scale and performance for the electrification of commercial and industrial markets. Estes’ charter is to accelerate access to electrification by enabling standardized powertrain solutions that outperform diesel in both cost and performance—for both high-volume established OEMs and industry newcomers alike. Headquartered in San Francisco, California, Estes is committed to reshoring the complete battery value chain and enabling the transition to electric across North America. Learn more at www.estes.energy.
Media Contact
media@estes.energy
About BMW i Ventures.
BMW i Ventures is the independent venture capital firm of BMW Group. From offices in Silicon Valley and Munich, BMW i Ventures invests in early to growth-stage companies defining the future of automotive, sustainability, manufacturing, and supply chain. Since starting in 2011, the firm has $800M under management and has invested in over 75 startups, including Bcomp, Boston Metal, CelLink, ChargePoint, GaN Systems, Motorway, Tekion, and Xometry. For more information: https://www.bmwiventures.com.
About Fortescue
Fortescue is the technology, energy and metals group accelerating the commercial decarbonisation of industry, rapidly, profitably and globally. Our Metals business comprises our iron ore operations in the Pilbara, Western Australia as well as a pipeline of exploration projects globally in Africa, Latin America and Australia. By 2030, we aim to have our Australian iron ore operations running on green energy, achieving Real Zero Scope 1 and 2 terrestrial emissions. Our Energy business is building a global portfolio of renewable green hydrogen and green ammonia projects and developing green technology solutions. As our business develops globally, our commitment to building thriving communities expands with us. Delivering positive social and economic change through training, employment and business development opportunities is a key focus.
