Battery and energy storage system developer Aquion Energy, Inc. said that it has completed the closing of a $55 million Series D financing round. Due to strong investor interest, the total amount of funding for this round was increased from the $35 million level previously announced by the company in April of 2013.
Aqueous Hybrid Ion (AHI™) batteries and energy storage systems are designed for the demanding requirements of both small and large-scale stationary energy storage applications. Aquion will begin shipping production units to customers in the first half of 2014 from its manufacturing facility in Westmoreland County, Pa.
The Series D financing includes participation from new investors Bill Gates, Yung’s Enterprise, Nick and Joby Pritzker through their family’s firm Tao Invest, Bright Capital, and Gentry Venture Partners. Previous investors Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures also participated in the round.