German-based Sonnenbatterie has received $9.4m for residential storage solutions in its latest equity round.
The energy storage developer’s PV home storage solutions have a capacity range of 4.5kWh to 60kWh. The lithium-ion battery system can also be connected to up to 200kWh in capacity. Since entering the market in 2011, the company sold over 4,000 units to home owners and small businesses.
“This latest round of financing in Sonnenbatterie signals the growing importance of lithium storage systems in the global energy market. We look forward to working with our new financing partners in Europe and the US to expand the reach of Sonnenbatterie to new markets,” said Christoph Ostermann, managing director of Sonnenbatterie.
The Bavarian firm entered the US market this year.
The company is currently in the ramp-up phase of serial production and said that serial production will cut the cost of the battery storage system by 40%, making it competitive against lead-acid systems.
According to a study by analysis firm IHS, the global residential solar PV energy storage market will rise tenfold to 900MW by 2018.
The equity round was led by new investors Chrysalix SET, Munich Venture Partners and by prior investor eCAPITA.