Aquion Energy, Inc., a developer and manufacturer of Aqueous Hybrid Ion (AHI) batteries and stationary energy storage systems, recently completed the closing of a $55-million Series D financing round. Due to strong investor interest, the total amount of funding for this round was increased from the $35-million level previously announced by the company in April of 2013. (Earlier post.)
The Series D financing includes participation from new investors Bill Gates, Yung’s Enterprise, Nick and Joby Pritzker through their family’s firm Tao Invest, Bright Capital, and Gentry Venture Partners. Previous investors Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures also participated in the round.
Designed for the requirements of both small- and large-scale stationary energy storage applications, Aquion’s patented AHI battery systems offer high-performance, low-cost, operational safety, and sustainability.
|Aqueous hybrid ion chemistry. Source: Aquion. Click to enlarge.|
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).
Aquion will begin shipping production units to customers in the first half of 2014 from its manufacturing facility in Westmoreland County, Pennsylvania.
Aquion’s initial manufacturing line is capable of producing over 200 megawatt hours per year when operating at full capacity. The 350,000 square-foot facility is sized for five manufacturing lines, enabling Aquion to scale production.
Aquion spun out of Carnegie Mellon University in 2010.