US-based energy storage developer Aquion Energy has closed a series E round which included several corporate backers at $36.8m.
Total Energy Ventures and Shell Technology Ventures, the corporate venturing units for petroleum companies Total and Shell respectively, and Constellation Technology Ventures, the strategic investment arm of energy company Exelon, joined CapX Fund IV, Bill Gates, Yung Enterprise, Prelude Ventures, DNS Capital and Tao Invest in the round.
Aquion has raised approximately $146m in debt and equity to date, according to press releases and SEC filings. It markets a product called aqueous hybrid ion batteries, which are built to store solar energy captured during daylight.
The company plans to use the latest investment to increase customer engagement, scale production and set up projects with its partners across the world.
Scott Pearson, chief executive at Aquion, said: “This latest round of financing is a testament to the confidence that top strategic and financial investors have in Aquion’s technology, products, and management team.
“Building on the recent unveiling of our second generation aqueous hybrid ion battery technology at Solar Power International, this funding will allow the Aquion team to continue to scale our operations and prepare for increased sales and deployments around the globe.”