Primus Power, a Hayward, CA-based provider of grid-scale energy-storage technology, raised $25m in Series D funding round.
The round was led by I2BF Global Ventures with participation from Russia-Kazakhstan Nanotechnology Fund (RKNF) and existing investors Anglo American Platinum, Chrysalix Energy Venture Capital and DBL Partners.
The company, which has raised $60m in equity since its founding in 2009, has also received strategic government grants totaling $20m from the U.S. Department of Energy (DOE), the Advanced Research Projects Agency-Energy (ARPA-E), the Bonneville Power Administration (BPA), the California Energy Commission (CEC), and the Department of Defense (DOD) through its Environmental Security Technology Certification Program (ESTCP).
Led by CEO Tom Stepien, Primus Power provides EnergyCells and EnergyPods®, which are stationary energy storage solutions with a distributed, multi-hour system that economically serves multiple storage applications.
The company has 22 patented innovations in chemistry, cell design and system engineering.