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Aquion Energy Raises $20 million

Aquion Energy has closed on $20 million of a proposed $29.9 million financing round.
PITTSBURGH, PA, Aquion Energy has closed on $20 million of a proposed $29.9 million financing round, according to a filing with the SEC.

Aquion Energy is producing a revolutionary battery based on novel ambient-temperature sodium-ion technology. The Aquion solution offers an advantaged value proposition in nearly all stationary storage use cases; beyond minimized materials and manufacturing costs, the core technology has exceptionally long life, is safe and is environmentally benign. Early production is currently taking place at the Aquion Energy pilot manufacturing plant located in Pittsburgh, PA.

Aquion technology is suitable for a variety of grid-level and distributed energy storage applications, with billions of dollars in addressable markets. The battery is most suitable for storage used to support: Off-Grid Renewables, Transmission and Distribution Upgrade Deferral, Long Duration Ancillary Services and Peak-Shaving/Load Shifting. The disruptive nature of the technology has enabled Aquion, a Carnegie Mellon University spin-off company, to attract private capital from top-tier greentech investor Kleiner Perkins Caufield and Byers and a grant from the Department of Energy.

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