ESS Inc., a Portland, Oregon-based provider of energy storage solutions, raised $3.2m in Series A funding.
The round was led by Pangaea Ventures with participation from Element 8 and others. The raise complements roughly $4.5M in development grants ESS has been awarded from ARPA-e, ONAMI, Oregon Best, and others.
The company intends to use the funds to make investments in tooling that will position ESS for volume production of its low cost battery components and to support its market development activities.
Established in 2011 and led by Craig Evans, CEO, ESS has developed the All-Iron Redox Flow Battery (IFB), which is designed for the long duration energy storage market, where greater than 4 hours of energy capacity and high numbers of cycles are expected.
The company is planning initial customer deployments this fall and will ramp production of its flagship 125kW/1MWh Iron Flow Battery system in 2016.