Gridtential Inc., a Santa Clara, CA-based developer of energy storage technologies, completed an $11m Series B equity funding.
The round was led by 1955 Capital, with participation from U.S. and Chinese battery manufacturers East Penn Manufacturing, Crown Battery Manufacturing, Leoch International and Power-Sonic Inc., and existing investors The Roda Group and battery industry leader and Chairman Ray Kubis. In conjunction with the funding, Andrew Chung, 1955 Capital founder and managing partner, will join Gridtential’s board of directors.
The company will use the capital to expand development and licensing agreements to meet global demand for advanced energy storage in the automotive, backup power, grid solutions, and mobility industries.
Led by Christiaan Beekhuis, CEO, Gridtential has developed a new battery architecture called Silicon Joule® Technology that combines lead-acid batteries – low cost, safety, recyclability, and a wide temperature operating range – with the advantages associated with lithium-ion, including fast charging/discharging, high depth of discharge, and long cycle life.
Target applications include back-up power, grid storage including micro grids, portable power equipment, mobility (wheelchairs, golf carts, forklifts), and hybrid cars.