Peak Energy, a US-based company founded in Denver by industry veterans from Tesla, Northvolt and Enovix, has secured $55 million in Series A funding to develop low-cost, giga-scale energy storage based on sodium-ion.
Xora Innovation, an early-stage deep tech investing platform of Temasek, led the round. Other participants included existing investor Eclipse and its strategic partner TDK Ventures.
Landon Mossburg, co-founder and CEO of Peak Energy, said: “As energy demand grows, we must capitalise on the potential of renewables to provide dependable, inexpensive energy to fuel a new era of technological advancement. Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonised grid.”
The company claims that sodium-ion is a stable and proven battery chemistry that offers advantages in cost, supply chain security, scale and safety.
“The need for a new utility-scale storage standard is not a decade away, it’s right now,” said Phil Inagaki, managing partner & chief investment officer at Xora Innovation. “The timing for this market is exceptional. The team at Peak Energy has been moving at a truly exceptional pace, and Xora looks forward to supporting the company’s ambitious growth plans.”
Peak Energy plans to open the gigafactory in 2027.
