Peak Energy secures $55 million Series A funding to manufacture sodium-ion batteries

U.S. manufacturer Peak Energy announced it has secured a $55 million Series A funding round to scale production of grid-scale sodium-ion batteries.

The funding round was led by Zora Innovation, a investing platform of Temasek. The Series A also included participation from Eclipse, strategic partner TDK Ventures, and new investors Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures and DETV-Scania Invest.

Sodium-ion batteries are a proven battery chemistry that offers some advantages in cost, supply chain security, and safety when compared with conventional lithium-ion batteries.

(Read: “Sodium-ion batteries – a viable alternative to lithium?”)

Peak Energy said sodium-ion batteries will help support the transition to renewable energy by storing and dispatching electricity from intermittent sources like solar and wind. With Wells Fargo forecasting a 20% increase in U.S. electricity demand by 2030 after a decade of flat demand, more storage is needed to ensure renewable energy can deliver reliable power when it is needed most, rather than relying on new natural gas reserve power.

“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, chief executive officer, Peak Energy.

Peak Energy said the new capital will help it enter the next phase of growth, launching the first full-scale production of sodium-ion storage in the U.S. The company’s battery technology is set to be deployed with “a select group of six premier customers” in its pilot program in 2025. The customer base includes three of the five largest Independent Power Producers and electric utility companies in the nation.

The company launched from stealth less than a year ago with a $10 million seed round and the addition of Apple and Tesla veteran Liam O’Connor as co-founder and chief operations officer.

Peak Energy said it is on track to break ground on its first domestic “giga-scale” sodium ion battery in 2027.

From pv magazine US