Aquion Energy, a developer and manufacturer of batteries and energy storage systems, has closed a $30m round of venture financing.
US-based Foundation Capital led the round with participation from returning investor Kleiner Perkins Caufield & Byers as well as new investors Advanced Technology Ventures (ATV) and TriplePoint Capital.
As part of the deal, Steve Vassallo of Foundation Capital and Bill Wiberg of ATV have joined the Aquion board of directors. Prior to this round, Aquion had been supported with funding from KPCB and the US Department of Energy.
The potential market for energy storage is vast and is forecast to exceed $20bn globally by 2021, according to Pike Research. Aquion’s technologies and products, which originated from research at Carnegie Mellon University, have been developed to meet the demanding requirements of both small and large-scale energy storage applications.
“Energy storage applications, particularly at grid-scale, provide enormous market opportunities for companies with truly enabling solutions,” said Steve Vassallo of Foundation Capital. “We see Aquion’s novel energy storage technology as a game-changer in several key markets and are delighted to be part of their world-class team.”
Before the end of 2011, Aquion is due to begin shipping its first pre-production energy storage systems to external testing facilities and selected strategic partners. In addition, it is currently in the process of identifying and selecting an appropriate site for its first high volume factory in the US, expected to become operational in 2013.
Earlier this month KPCB participated in a $25m round for solar financing company Clean Power Finance (CPF), alongside Google Ventures.
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