Aquion Energy, Inc., a developer and manufacturer of Aqueous Hybrid Ion (AHI) stationary energy storage systems, has completed the first closing of a $35 million Series D financing round. Bright Capital is leading the round with participation from new investors Bill Gates and Gentry Venture Partners as well as returning investors Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures.
Specifically developed for the requirements of both small and large-scale stationary energy storage applications, Aquion’s products and solutions offer a combination of high performance, low cost, operational safety, and sustainability. The company will be delivering initial, pre-production units to selected lead customers and partners throughout 2013 and will begin shipping production units from its high-volume manufacturing plant in Pennsylvania at the end of this year.
Founded in 2008 and headquartered in Pittsburgh, Pennsylvania, Aquion’s proprietary aqueous hybrid ion chemistry is based on the research of Carnegie Mellon University Professor Jay Whitacre.
The hybrid energy storage device comprises a low-cost, activated carbon anode, a Manganese oxide cathode (MnO2), and an electrolyte consisting of Na2SO4 in water (~1 M).
The batteries have shown high cycle life of more than 5,000 cycles at high rates, (100% DoD).