Primus Power, a US-based, grid-scale electrical energy storage company, has raised $20m in the first close of its series C financing led by South Africa-based resource developer Anglo American Platinum, a producer of platinum group metals (PGMs), with a major contribution from its PGM Development Fund, and with the participation of existing investors.
Primus has now raised $35m in equity funding since its founding in mid-2009. The Company has also received strategic government grants totalling $20m from the US Department of Energy (DOE), the Advanced Research Projects Agency-Energy (ARPA-E), the Bonneville Power Administration (BPA), and the California Energy Commission (CEC).
Primus’s zinc-based flow battery systems decouple instantaneous electricity demand from supply, bolstering the stability of the electric grid, and helping accelerate the penetration of wind and solar energy with superior economics compared to conventional solutions.
The new funds support 2014 customer shipments, transitioning the Company’s manufacturing to a contract manufacturer, and expanding its sales and customer support organizations.
Andrew Hinkly, Anglo American Platinum’s executive head of marketing, said: “This is a strategic investment for Anglo American Platinum. It is both good for business and for the environment.”
Tom Stepien, Primus Power’s chief executive officer, said: “Beyond the investment, Anglo American Platinum is a valued partner and, as expands internationally, they will provide a beachhead on the African continent.”