Peak Energy, an emerging U.S.-based company which develops low-cost, giga-scale energy storage solutions has secured its $55M Series A financing to begin full-scale production of its sodium-ion battery technology.
Sodium-ion is a proven, stable battery chemistry that is lower in cost but higher in safety than lithium-ion, the industry’s dominant battery storage of choice.
The Series A financing from Xora Innovation, Eclipse, TDK Ventures, and other new strategic investors is a great leap forward in the clean energy transition and domestically produced storage solutions.
With access to new capital, Peak Energy can enter its next phase of growth by launching its first full-scale production of sodium-ion storage. The batteries will be deployed next year to a group of six customers participating in Peak Energy’s pilot program. According to a statement, pilot participants include three of the top five largest Independent Power Producers (IPPs) and utilities in the country.
“As energy demand grows, we must capitalize on the potential of renewables to provide dependable, inexpensive energy to fuel a new era of technological advancement. Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonized grid,” said Landon Mossburg, co-founder and CEO of Peak Energy.
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