Germany-based smart energy storage developer Sonnenbatterie closed a $9.4m series B round yesterday co-led by corporate-backed venture firm capital Chrysalix SET and VC firm Munich Venture Partners.
The round also included participation from eCapital Entrepreneurial Partners, which invested €3m ($3.7m) in Sonnenbatterie’s series A round in January 2013.
Founded in 2010, Sonnenbatterie produces lithium-based, small-scale storage systems for renewable energy installations, and has sold almost 4,000 systems to homeowners, farmers and businesses.
The company plans to use the funding to expand its market from the six European markets in which it operates and the US, where it commenced sales earlier this year, to new markets.
Rene Savelsberg, CEO of Chrysalix Set, said: “The global energy supply is changing rapidly, bringing with it enormous new market opportunities. Distributed energy storage is a key element fuelling that change. We are impressed by the maturity of the technology and the rapid growth of Sonnenbatterie and are delighted to be able to play a role in funding its future growth.”
Netherlands-based Chrysalix Set is backed by energy, infrastructure, internet and environmental services provider Delta and energy company Essent.