New Jersey-based electrical and industrial distributor Turtle & Hughes announced Oct. 4 a strategic investment in Cadenza Innovation, a developer and designer of lithium-ion battery technologies and energy storage solutions. Financial details of the transaction were not disclosed. Turtle & Hughes ranked as the No. 16 Electrical, Data & Security Distributor in Modern Distribution Management’s 2022 Top Distributors list.
Turtle’s investment builds on its existing supplier partnership with Cadenza and reinforces the company’s commitment to delivering greener business solutions, according to a news release. Specifically, Turtle aims to help Cadenza significantly expand its domestic and international manufacturing capacity for low-cost lithium-ion batteries. This is in response to the recent signing into law of the Inflation Reduction Act (H.R. 5376), which has increased urgency to develop the U.S. battery manufacturing base, according to the release.
“Together, we will penetrate the urban market for safe and cost-effective lithium-ion energy storage batteries,” Cadenza CEO Dr. Christina 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.”
“Strategic partnerships show their value when they advance as ours has with Cadenza Innovation, both in market opportunities and financial growth,” Turtle CEO Kathleen Shanahan said. “Like Turtle, Cadenza Innovation has proven to be an industry leader by developing groundbreaking technology that will help solve our critical environmental challenges. As a woman-owned diversity business ourselves, we are proud to partner with Cadenza Innovation, which was founded and is operated by CEO Dr. Christina Lampe-Onnerud, one of the world’s pre-eminent battery experts.”