Dive Summary:
- Aquion Energy has announced it has completed the first closing on a $35 million financing round; Bill Gates, Bright Capital, Gentry Venture Partners, and previous investors Kleiner Perkins and Foundation Capital have agreed to fund the company.
- Aquion Energy is developing a low-cost, energy-storing battery for the power grid.
- The battery will be made from sodium and water and will be able to tolerate a vast range of temperatures without reductions in storage capactity.
From the article:
"... Aquion Energy has been planning on building a factory in Pennsylvania that could make its sodium batteries starting this year. About a year ago Aquion said it had leased a facility from the Regional Industrial Development Corporation in Westmoreland County, Pennsylvania, and the company hopes the factory could create 400 jobs by the end of 2015.
Such a factory could cost between $75 million and $80 million to build, so it’s likely this funding will go towards moving into production. In the summer of 2011 Aquion raised $20 million. The Department of Energy has also supported Aquion’s technology development with a $5 million stimulus grant. ..."