US-based energy-storage technology provider Primus Power secured $25m on Wednesday in a series D round led by I2BF Global Ventures that included platinum mining company Anglo American Platinum.
The round also featured venture capital firms Chrysalix Energy Venture Capital and DBL Partners, and Russia-Kazakhstan Nanotechnology Fund, a fund managed by I2BF.
Primus produces modular zinc bromide batteries that can store energy captured by renewable energy plants at grid-level. It signed an agreement in May to ship 25 MW of batteries to Kazakh energy utility Samruk-Energy.
The round took Primus’ overall equity funding to $60m since its 2009 formation, and Anglo American Platinum led its $20m series C round in February 2014. Primus has also received about $20m in grant funding from US state-backed organisations and regional energy commissions.
– Image of Primus EnergyCell courtesy of Primus Power