Aquion Energy, Inc., a Pittsburgh, PA-based developer and manufacturer of hybrid ion batteries and energy storage systems, raised an additional $20m Series D financing round.
The company, which had announced a first close of $35m in April of 2013 (read here), intends to use the funds to continue building and scaling operations focusing on launching its energy storage products globally, ramping manufacturing operations, and developing additional commercial relationships with customers and partners around the world.
The Series D financing included participation from new investors Bill Gates, Yung’s Enterprise, Nick and Joby Pritzker through their family’s firm Tao Invest, Bright Capital, and Gentry Venture Partners as well as previous investors Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures.
Led by Scott Pearson, chief executive officer, Aquion Energy manufactures hybrid ion batteries (Aqueous Hybrid Ion (AHI™)) and battery systems for stationary energy storage applications. AHI batteries are optimized for off-grid and microgrid systems, commercial and industrial energy storage, and grid-scale applications. Battery systems provide emissions-free capacity that optimizes existing generation assets and enables broad adoption of renewable energy technologies such as wind and solar.
The company will begin shipping production units to customers in the first half of 2014.