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Primus Power secures $20m investment from Anglo American Platinum

4 Feb 2014

electricity_170sqEnergy storage company Primus Power has raised $20m in Series C capital from a group of investors led by South African mining giant Anglo American Platinum.

Anglo American Platinum led the round with a “major contribution” from its PGM Development Fund. The round took Primus Power’s fundraising total to $35m. It has also secured goverments grants totalling $20m.

The company’s zinc-based flow battery systems decouple instantaneous electricity demand from supply to improve the stability and security of the electric grid.

Primus said the funds will support this year’s customer shipments as well as help it expand its sales and customer support organizations.

Anglo American Platinum’s executive head of marketing Andrew Hinkly said, “The EnergyPod is a safe, low cost, power dense and ultra-reliable energy storage solution that installs rapidly.

Primus is also backed by Kleiner Perkins Caufield & Byers, I2BF Global Ventures, Chrysalix Energy Venture Capital and DBL Investors.

“It is a differentiated product for mass deployment that integrates thoughtful design and utility-grade construction into a product that adds value at numerous locations along the electrical grid.

“This is a strategic investment for Anglo American Platinum. It is both good for business and for the environment.”

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