Aquion Energy, a US-based energy storage technology producer backed by corporates Shell, Exelon and Total, has raised $33m in new funding, according to a regulatory filing on Tuesday.
The participants in the latest round, which increased Aquion’s overall debt and equity financing to about $190m, have not been disclosed, but CEO Scott Pearson told Greentech Media they included new and existing investors.
“The funds will support continued scaling of the business, the expansion of our product offerings and new customer deployments worldwide,” Pearson said.
Spun out of Carnegie Mellon University in 2009, Aquion manufactures aqueous hybrid ion batteries that use saltwater electrolyte technology, and which are typically utilised to store energy generated by renewable power systems.
The company claims AHI batteries are safer, more sustainable and cheaper than widely used lithium ion equivalents.
Aquion previously raised $36.8m in a 2014 series E round featuring Total and Shell’s Total Energy Ventures and Shell Technology Ventures units, Constellation Technology Ventures, which invests on behalf of energy producer Exelon, CapX Fund IV, Yung Enterprise, Prelude Ventures, DNS Capital, Tao Invest and Bill Gates.
Bright Capital and Advanced Technology Ventures are also among Aquion’s previous investors.