US-based energy storage system producer Primus Power has raised $32m in funding from investors including Hong Kong-listed corporate services provider Success Dragon and platinum producer Anglo American Platinum.
Venture capital firms DBL Partners and I2BF Global Ventures also took part in the round alongside family office Matador Capital and VC fund Russia Kazakhstan Nanotechnology Fund, which I2BF manages.
Founded in 2009, Primus produces flow battery-based energy storage systems that can sync with small-scale renewable energy systems, and which are generally used by data centres, the military, energy utilities and mining companies such as Anglo American that require portable off-grid power.
Primus will use the funding to commercialise a low-cost, long-duration modular battery system called EnergyPod. It also plans to partner with Success Dragon to distribute its technology in China.
Tom Stepien, CEO of Primus Power, said: “The Primus team has risen to the challenge of designing and delivering a safe, powerful and low cost battery system with a 20-year life to meet the expanding demand for energy storage, and investors around the world are recognising our progress.
“This is especially true in China where we will leverage Success Dragon’s financial support and deep business network to build a leading position in the energy storage industry.”
The round increased the company’s overall equity funding to $94m, Anglo American having led a $20m series C round in 2014 through its Platinum Group Metals Development Fund.
I2BF subsequently led a $25m series D round in 2015 that included Anglo American Platinum, DBL, Russia-Kazakhstan Nanotechnology Fund and Chrysalix Energy Venture Capital.
– Image courtesy of Primus Power