Primus Power, a Hayward, California-based provider of stationary energy storage systems, secured $32m equity financing.
Backers included new investors Hong Kong’s Success Dragon (HKG:1182) and Matador Capital, the investment office of a Saudi family, with participation from existing investors Anglo American Platinum, DBL Partners, I2BF and the Russia Kazakhstan Nanotechnology Fund.
The company, which has raised $94m in equity and $20m in government grants since its founding in 2009, will use the funds to accelerate its commercial efforts.
Led by Tom Stepien, CEO, Primus Power provides EnergyPod® 2, a long-duration electrical energy storage system. The company’s flow batteries are shipping to U.S. and international commercial/industrial, data center, microgrid, utility, and military customers. With technical innovations protected by 34 patents in 9 countries/regions.