Primus Power Receives $11M
Primus Power, a Hayward, CA-based provider of grid-scale energy storage solutions, has received $11m in its last financing round.
DBL Investors and I2BF Global Ventures joined existing investors Chrysalix Energy Venture Capital and Kleiner Perkins Caufield & Byers.
The company plans to use the capital to continue to advance to a full scale demonstration system and commercialize its flow battery distributed storage technology, which is designed to meet the demands of the utility market involved in improving the economics, stability, and security of the electric grid, while accelerating the incorporation of renewable wind and solar energy.
Led by CEO Tom Stepien, the company also received grants from the United States Department of Energy (DOE), the Advanced Research Projects Agency – Energy (ARPA-E), and the California Energy Commission (CEC).