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NEA backs $11.5m Series A for solar storage business Terrajoule

6 Nov 2013

solarpanel_170sqGlobal venture capital firm New Enterprise Associates has backed an $11.5m Series A funding round for solar energy storage business Terrajoule.

The company claims to have produced an energy storage solution for less than 20 per cent of the cost of any form of battery storage per kWh electrical of storage capacity.

It adds that the storage does not degrade over time, has no limitation on charge-discharge cycles, last at least 25 years and uses no toxic or rare materials.

NEA venture partner Arno Penzias, who won the Novel prize for physics in 1978, said, “Terrajoule’s energy storage solution removes a fundamental obstacle to the next few decades of sustainable energy growth worldwide.

“Since NEA’s initial investment in 2009, the company has made outstanding technological progress, and we’re excited to partner with Terrajoule in its next stage of growth.”

Other investors in the round include Jim Bochnowski and Craig Winkler, while Air Liquide investment director Greg Fleming has joined Terrajoule’s board of directors.

Terrajoule co-founder and CEO Steve Bisset said, “Developing a game-changing energy storage solution is about more than technology.

“We’ve focused on building the right value proposition, market channels, and capital partners to build a business with global reach and scale without depending on government subsidies.

“With our early customer successes, the ongoing support of NEA, and now in partnership with Air Liquide, we are excited to bring the Terrajoule innovation in energy storage to key global markets.”

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