Aquion Energy manufactures proprietary Aqueous Hybrid Ion batteries and battery systems for stationary energy storage applications. Their batteries are optimized for off-grid, microgrid and energy storage on a commercial and industrial level.
Investors in this series D financing include Bill Gates, Yung’s Enterprise, Nick and Joby Pritzker through their family’s firm Tao Invest, Bright Capital and Gentry Venture Partners. This round also attracted reinvestment from Kleiner Perkins Caufield & Byers, Foundation Capital and Advanced Technology Ventures.
Due to strong investor interest, the total amount of funding for this round was increased from the $35m level previously announced by the company in April of 2013.
Scott Pearson, chief executive officer of Aquion Energy, said: “This latest financing round brings a strong group of new investors into Aquion and provides the growth capital to continue building and scaling the company. In the coming quarters, the Aquion team will remain focused on launching our breakthrough energy storage products globally, ramping our manufacturing operations, and developing additional commercial relationships with key customers and partners around the world.”
Aquion Energy will begin shipping production units to customers in the first half of 2014 from its manufacturing facility in Westmoreland County, Pennsylvania. Aquion Energy’s initial manufacturing line is capable of producing over 200 megawatt hours per year when operating at full capacity.