Grid-scale energy storage solutions provider Primus Power has raised $11m from venture capital investors to support the commercialisation of its technology.
The latest round of financing comes as the company advances to a full-scale demonstration system and waits to secure patents for its low-cost energy storage technology.
International clean technology asset management group I2BF Global Ventures and venture capital firm DBL Investors, which was created from the JP Morgan spin-out of the Bay Area Equity Fund I in 2008, were new investors in the company.
They joined existing growth financiers Chrysalix Energy Venture Capital and Kleiner Perkins Caufield & Byers in the latest round.
The new funds complement Primus’s existing grants from the US Department of Energy, the Advanced Research Projects Agency for Energy and the California Energy Commission. The company said it will use the funding to support the continued development and commercialisation of its distributed storage technology.
DBL Investors managing partner Nancy Pfund said, ‘Primus Power answers this need for storage on the power grid of the future, while simultaneously tackling today’s demands with flexible storage solutions offering outstanding power density at a low price point.
‘With its advanced technology and seasoned management team, Primus delivers an important, environmentally beneficial component to the national, and eventually the global, energy market.’
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