US energy storage developer Aquion Energy has received $25m in funding from eight different investors in its latest equity round.
The raised $25m are enough to fund operations and the ramp-up of the sodium-ion battery production through the end of 2015, said Ted Wiley, Aquion Energy vice president of product and corporate strategy. The company seeked initially approximately $33m, said a filing with the U.S. Securities and Exchange Commission.
Aquion Energy produces ‘aqueous hybrid ion’ sodium batteries that are designed to deliver 85% energy efficiency, 5000-cycle lifespan and a charge-discharge capacity suited to grid cycle usage, according to the Pittsburgh-based startup. The company claims a price point of $250/kWh.
Most of its storage systems are used with solar panels to reduce reliance on fossil fuels and optimise existing grid-tied generation assets.
In January, the company received $55m from investors, including Bill Gates, for manufacturing its grid-scale product. In total, the battery maker has raised $110m in debt and equity from investors.
Aquion Energy recently elected energy industry expert Tom McDaniel to its board of directors.
The company has a deal with Germany’s Siemens to supply its batteries for testing purposes.