US-based energy storage technology developer Gridtential has closed a $11m series B round led by venture capital fund 1955 Capital that included battery producers East Penn Manufacturing, Crown Battery, Leoch International and Power-Sonic.
Roda Group, the venture capital partnership that led Gridtential’s $1.1m seed round in 2013, also took part in the round, as did Gridtential chairman Ray Kubis. The round’s $6m first tranche was closed in January this year.
Gridtential is developing batteries that will utilise its proprietary Silicon Joule technology, which uses a plated silicon wafer with enhanced properties similar to that of a solar energy cell.
The company claims the batteries will add features associated with lithium-ion batteries, such as rapid charging, deep depth discharging and a long life cycle, to those of traditional lead-acid batteries which are relatively safe, affordable and more easily recyclable.
Hal Hawk, CEO of Crown Battery, said: “Lead-acid batteries are the most cost-effective, safest form of energy storage – and they are more recyclable than an aluminium can.
“Now, they are even better, because Gridtential’s new technology combines the safety, recyclability, and [return on investment] of lead-acid batteries with up to five times greater power density, lighter weight, and more than double the lifespan.”
Roda Group led Gridtential’s $1.1 seed round in 2013, before the company added $1.5m in February 2016 from undisclosed investors, according to a securities filing.