Primus Power, a Hayward, CA-based provider of grid-scale electrical energy storage, secured $20m in the first close of its Series C financing.
The round was led by Anglo American Platinum Limited (Anglo American Platinum), a South Africa-based primary producer of platinum group metals (PGMs), with a major contribution from its PGM Development Fund and participation from existing investors.
In conjunction with the funding, Richard Willis of the PGM Development Fund joined Primus’ Board of Directors.
The company intends to use the proceeds for 2014 customer shipments and expansion of its sales and customer support organizations.
Founded in mid-2009 and led by CEO Tom Stepien, Primus Power provides low-cost, grid-scale energy storage solutions with a distributed, multi-hour system (EnergyPod®) that serves multiple storage applications. In the next year, the company will ship systems to investor-owned utilities, municipal utilities and microgrids at military bases.
To date, Primus has raised $35m in equity funding and 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), and the California Energy Commission (CEC).
FinSMEs
04/02/2014