Aquion Energy Announces $35 Million Financing Round to Support Commercialization and Launch of Novel Energy Storage Systems
Funding comes from Bright Capital, Bill Gates, Gentry Venture Partners, Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures
PITTSBURGH--Aquion Energy, Inc., a developer and manufacturer of Aqueous Hybrid Ion (AHI) batteries and energy storage systems, today announced it has completed the first closing of a $35 million Series D financing round. Bright Capital is leading the round with participation from new investors Bill Gates and Gentry Venture Partners as well as returning investors Kleiner Perkins Caufield & Byers, Foundation Capital, and Advanced Technology Ventures.
"Aquion has demonstrated the viability and potential disruptiveness of its novel energy storage technology. We expect Aquion's products to be a key enabler for the emerging energy storage industry that many experts predict will grow exponentially in the next decade"
Specifically developed for the demanding requirements of both small and large-scale stationary energy storage applications, Aquion's products and solutions offer a unique and compelling combination of high performance, low cost, operational safety, and sustainability. The Company will be delivering initial, pre-production units to selected lead customers and partners throughout 2013 and will begin shipping production units from its high-volume manufacturing plant in Pennsylvania at the end of this year.
"Aquion has demonstrated the viability and potential disruptiveness of its novel energy storage technology. We expect Aquion's products to be a key enabler for the emerging energy storage industry that many experts predict will grow exponentially in the next decade," said Mikhail Chuchkevich, Managing Director of Bright Capital. "We are delighted to join the Aquion team and to support the Company in further developing and globally scaling the business."
Scott Pearson, CEO of Aquion commented, "We are very pleased to have attracted such a strong set of new investors to complement our existing backers. This group will provide critical operational and financial support to the Company. The Aquion team is very excited about launching our initial storage products later this year and beginning to ramp the business in 2014 and beyond."
About Aquion Energy
Aquion Energy, Inc. develops and manufactures Aqueous Hybrid Ion (AHI) batteries and battery systems for stationary energy storage applications. The batteries are optimized for off-grid and micro-grid systems, commercial and industrial energy storage, and grid scale applications. Aquion's batteries are safe, reliable, sustainable and cost-effective. The combination of these attributes yields a product that provides industry leading delivered value for customers. Aquion's battery systems provide flexible, emissions-free capacity that optimizes existing generation assets and enables broad adoption of renewable energy technologies such as wind and solar. Founded in 2008 and headquartered in Pittsburgh, Pennsylvania, Aquion's proprietary aqueous hybrid ion chemistry is based on the research of Carnegie Mellon University Professor Jay Whitacre. For more information please visit www.aquionenergy.com.
About Bright Capital
Bright Capital is an independent venture capital firm that invests globally in a wide range of promising companies. Its investments are made across multiple product types in energy and resource efficiency, clean technology, industrial biotech. The firm works as a merchant venturing entity in a multi-corporate model, building bridges between USA, Russia & CIS, Middle East and South Eastern Asia. In addition to financial investments and managerial expertise, Bright Capital provides its portfolio companies with direct access to the markets of Russia and CIS through its network of connections to industrial companies. Bright Capital strategically co-invests with top-tier venture funds and corporate partners. For more information please visit www.bright-capital.com.
About Gentry Venture Partners
Gentry Venture Partners is a specialized venture firm that leads or co-invests with some of the world's premiere venture capital groups in mid and late-stage financing for pre-IPO companies. Gentry Venture Partners is active in Clean Technology, Energy, Next Generation Fossil Fuels, and Information Technology. Since its inception in 2006, Gentry Venture Partners has invested in companies that have created a range of disruptive products and services to address existing markets. Distinguished by the extensive business experience of their partners, and their strong network of syndicate groups, Gentry Venture Partners provides broad services to its portfolio companies. For more information please visit www.gentryvp.com.
About Kleiner Perkins
Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, Intuit, Juniper Networks, Netscape, Lotus, Sun Microsystems, Symantec, Verisign and Xilinx. KPCB portfolio companies employ more than 250,000 people. More than 150 of the firm's portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions. The firm has offices in Menlo Park, California; Beijing, China; and Shanghai, China. For additional information please visit www.kpcb.com.
About Foundation Capital
At Foundation Capital, we're dedicated to the proposition that one entrepreneur's idea, with the right support, can become a business that changes the world. We helped Atheros create the mobile Internet, EnerNOC invent the energy demand response market, and Netflix revolutionize media distribution and consumption, among many others. We're currently invested in more than 70 high growth ventures in the areas of consumer, information technology, software, semiconductors, and clean technology. Recent public offerings of companies we helped found or grow include Reponsys, Financial Engines and Envestnet. For more information please visit www.foundationcapital.com.
About Advanced Technology Ventures
ATV is a bi-coastal venture capital firm with more than $1.6 billion in capital under management. ATV works closely with entrepreneurial teams in several technology markets, including cleantech, biotechnology, medical devices, communications, IT infrastructure, and software and services, to build strong, sustainable business enterprises. For more information, visit ATV's web site at www.atvcapital.com