PITTSBURGH, Pennsylvania, November 5, 2014 – Aquion Energy, Inc., the developer and manufacturer of Aqueous Hybrid Ion (AHI™) batteries and energy storage systems, today announced the closing of a tactical $36.8 million Series E financing round which will support growing customer-facing resources, scaling production, and deploying projects with partners worldwide.
The Series E financing includes participation from new investors including: the business interests of Gigi Pritzker Pucker and Michael Pucker represented by DNS Capital, LLC; Constellation Technology Ventures, the venture capital arm of Exelon Corporation; Total Energy Ventures; Shell Technology Ventures; and CapX Fund IV, LP.
Previous investors also participating in the round include Bill Gates, Yung’s Enterprise, Nick and Joby Pritzker through their family’s firm Tao Invest, and Prelude Ventures.
“With a compelling product platform and a track record of executing to plan, Aquion Energy is poised to create transformative change in the stationary energy storage market,” said Michael Smith, Constellation vice president and head of Constellation Technology Ventures. “Aquion’s technology has the potential to drive the increased adoption of distributed renewables and to support the integration of additional renewable generation resources on the grid.”
Scott Pearson, chief executive officer of Aquion commented, “This latest round of financing is a testament to the confidence that top strategic and financial investors have in Aquion’s technology, products, and management team. Building on the recent unveiling of our second generation AHI battery technology at Solar Power International, this funding will allow the Aquion team to continue to scale our operations and prepare for increased sales and deployments around the globe.”
Unlike traditional battery chemistries that are being repurposed for demanding solar applications, such as lead acid and lithium ion, AHI batteries are specifically designed for multi-hour (4 – 20 hour) solar applications, and are the most economically effective batteries in the world for daily deep cycling. Pairing Aquion’s AHI batteries with a solar array enables maximum utilization of the power generated by solar - the batteries capture all excess solar generated during daylight hours and provide consistent clean power overnight and as needed. With a unique combination of performance, safety and sustainability, cost-effective AHI batteries are positioned to help enable the broad adoption of renewable energy technologies and optimize existing grid-tied generation assets.
Aquion Energy manufactures proprietary Aqueous Hybrid Ion (AHI™) batteries and battery systems for long duration stationary energy storage applications. AHI batteries are optimized for daily deep cycling for off-grid and microgrids, energy management, and grid-scale applications. Aquion’s high-performance, safe, sustainable and cost-effective batteries deliver industry-leading value for customers. Aquion’s battery systems provide flexible, modular energy storage that enables broad adoption of renewable energy technologies such as wind and solar, reduced reliance on fossil fuels, and optimization of existing grid-tied generation assets.
About Constellation
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation’s family of retail businesses serves more than 100,000 business and public sector customers, including more than two-thirds of the Fortune 100, and more than 1 million residential customers. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NYSE: EXC), the nation’s leading competitive energy provider, with 2013 revenues of approximately $24.9 billion, and more than 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets.
About Total Energy Ventures
Total Energy Ventures is the corporate venture capital arm of French oil & gas major Total. Its investments support the development of companies with innovative technologies and business models in areas such as renewable and alternative energies, oil and gas, gas monetization, energy efficiency, energy storage, waste valorization, greenhouse gases reduction, industrial water and sustainable mobility. For more information, please visit http://www.total.com.
About Shell Technology Ventures
Shell Technology Ventures (“STV”) LLC is the corporate venture capital arm of the Royal Dutch Shell (“Shell”) Group of companies. With offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1998, STV’s investment focus includes oil & gas, renewable energy technologies, water and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. For more information, please visit http://www.shell.com/techventures.