US-based advanced battery technology developer Natron Energy raised $35m yesterday in a series D round co-led by ABB Technology Ventures, the strategic investment arm of power and automation technology producer ABB.
Corporate-backed battery technology fund Volta Energy Technologies and venture capital firm NanoDimension Capital co-led the round with ABB. It also featured oil producer Chevron and VC firms Khosla Ventures and Prelude Ventures.
Founded in 2012 and formerly known as Alveo Energy, Natron is developing a battery storage system that depends on sodium-ion technology to carry charge, as an alternative to traditional lithium or lead-based materials.
The company focuses on batteries for use in infrastructure such as telecommunications, industrial facilities and data centres where sodium-ion is potentially safer because it is less prone to thermal explosions.
Sodium is also a cheaper raw material than lithium, which provides the basis for the lithium-ion batteries generally used in consumer electronics. The series D proceeds will go to accelerating Natron’s manufacturing plans through 2021.
Natron said it has now raised more than $70m in funding. Regulatory filings state it received $15.1m over three rounds between 2013 and 2017, from investors including Prelude Ventures, NanoDimension, Fluxus Ventures and Khosla Ventures.
Chevron’s corporate venturing unit, Chevron Technology Ventures, invested an undisclosed amount in the company in January 2019 through a business partnership deal. It raised a further $13.7m in equity funding from undisclosed investors in November 2019, according to a securities filing.
Thomas Vogel, vice-president of ABB Technology Ventures, said: “Natron Energy is a great addition to the ABB Technology Ventures investment portfolio and for ABB’s business lines.
“Its technology helps enable safe, smart and sustainable electrification, and we believe the company is well-positioned for growth within the already enormous data centre infrastructure market.”
The original version of this article appeared on our sister site, Global University Venturing.