VC-funded battery maker Aquion Energy closed its Round E financing at $36.8 million.
In January of this year, Aquion closed a $55 million Round D to push along its manufacturing and commercial deployment. Investors in Aquion include Bill Gates, Yung’s Enterprise, Nick and Joby Pritzker (through their family’s firm Tao Invest), Bright Capital, Gentry Venture Partners, Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures. Trinity Capital Investment and CapX Partners recently added $20 million in venture debt, bringing Aquion’s equity, debt and grant total to more than $150 million. Aquion also recently added Thomas McDaniel, former CFO at Edison International, to its board of directors.
Aquion plans to ramp up production at its western Pennsylvania factory and has made some small commercial deliveries.
The need for energy storage on a stressed grid, along with the storage mandates recently enacted by several state utility commissions, is setting the stage for a huge market with rapid growth. Utilities are starting to demand large-scale energy storage, and venture capital is being deployed to meet this emerging need. (See our summary of recent energy storage RFQs.)
But it’s still early days, as startups and established vendors alike begin to ramp for a market still in formation.
Aquion Energy says its sodium-ion battery technology can deliver round-trip energy efficiency of 85 percent, a ten-year, 5,000-plus-cycle lifespan, energy storage capacity optimized to charge and discharge for multi-hour applications. The firm has a price target of $250 per kilowatt-hour.
Image courtesy of Aquion Energy