US sodium battery manufacturer Aquion Energy (Aquion) has received $36.8m in a series E venture finance round.
The Pennsylvania-based maker of sodium batteries for grid storage will use the investment to support customer-facing resources, scale-up production and expand the manufacturing facility.
Aquion recently raised $25m in funding from eight different investors. In January, the company received $55m from investors, including Bill Gates, for manufacturing its grid-scale product.
According to Aquion, its ‘aqueous hybrid ion’ (AHI) sodium batteries are designed to deliver 85% energy efficiency, 5,000-cycle lifespan and a charge-discharge capacity suited to grid cycle usage.
“Building on the recent unveiling of our second generation AHI battery technology at Solar Power International, this funding will allow the Aquion team to continue to scale our operations and prepare for increased sales and deployments around the globe,” said Aquion’s chief executive officer Scott Pearson.
“With a compelling product platform and a track record of executing to plan, Aquion Energy is poised to create transformative change in the stationary energy storage market,” said Michael Smith, constellation vice president and head of Constellation Technology Ventures, one of Aquion’s investors in the latest equity round.
