Axiom Exergy, a Richmond, Calif.-based provider of energy storage solutions to grocery stores and cold storage facilities, raised $7.6m in Series A funding.
The round, which brings total funding to date to $12.5m, was co-led by GXP Investments and Shell Ventures, with participation from WorldQuant Ventures, SV Tech Ventures and Meson Capital. Previous investors included Tesla CTO JB Straubel, Larry Mohr, Seabed VC, and the Stanford-StartX Fund.
The company intends to use the funds to scale their thermal energy storage solution in large, multi-site rollouts at grocery stores and cold storage facilities and to begin rolling out additional features of the Refrigeration Battery platform (such as grid services).
Led by Amrit Robbins, CEO and co-founder, Axiom Exergy is an industrial Internet-of-Things (IoT) company focused on transforming cooling systems into intelligent, cloud-connected energy storage assets. Its Refrigeration Battery® technology enables commercial and industrial refrigeration systems to operate intelligently via power management solutions.
The company also offers “Storage-as-a-Service” for supermarkets and commercial buildings to get access to high refrigeration-based energy loads.