Peak Energy raises $55M Series A to commercialize sodium-ion battery
technology and launches pilot program with key customers for
delivery of first systems in 2025
DENVER and SAN
FRANCISCO, July 17, 2024 /PRNewswire/ -- Peak Energy,
a U.S.-based company developing low-cost, giga-scale energy storage
technology for the grid, today announced it has secured its
$55M Series A to launch full-scale
production of its proven sodium-ion battery technology. Xora
Innovation, an Early-Stage deep tech investing platform of Temasek,
led the round, with significant participation from existing
investor Eclipse, strategic partner TDK Ventures, and new investors
Lachy Groom, Tishman Speyer,
TechEnergy Ventures, Doral Energy-Tech Ventures and DETV-Scania
Invest.
![Peak Energy (PRNewsfoto/Peak Energy) Peak Energy (PRNewsfoto/Peak Energy)](https://mma.prnewswire.com/media/2238064/Peak_Energy_Logo.jpg)
U.S. energy demand is skyrocketing. With the rise of AI and
increased EV adoption, electricity demand in the U.S. is forecasted
to grow as much as 20% by 2030. This represents a massive jump
after a decade of flat growth — and as a result, electric utilities
are almost doubling their forecasts for how much additional
power they'll need to produce by 2028. Without access to
affordable, reliable clean energy, the U.S. will likely rely on
gas-powered peaker plants or, even worse, keep old, polluting coal
power plants running, undoing progress on reducing carbon
emissions. Renewables can produce great amounts of energy at
extremely low cost under ideal conditions, but high variance in
power generation renders them incapable of meeting 24-hour demand
alone. Utility-scale storage with highly cost-effective
technologies like sodium-ion is the only way for the U.S. to reap
the maximum benefits of clean energy sources to power the grid and
avoid a disastrous return to fossil fuel-burning power plants.
"AI should represent a step forward, not a step backward," said
Landon Mossburg, co-founder and CEO of Peak Energy. "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."
Sodium-ion is a stable and proven battery chemistry that offers
advantages in cost, supply chain security, scale, and safety over
lithium-ion, the industry's current default battery storage choice.
With the shift to sodium-ion technology underway worldwide at
giga-scale, Peak Energy has emerged as the company best suited to
deliver utility-scale sodium-ion storage in the U.S. The Series A
financing from Xora Innovation, Eclipse, TDK Ventures, and other
new strategic investors marks a pivotal inflection point in the
clean energy transition and secures the future of the U.S. grid
with domestically produced storage.
"The need for a new utility-scale storage standard is not a
decade away, it's right now," said Phil
Inagaki, Managing Partner & Chief Investment Officer at
Xora Innovation. "Peak Energy has assembled a world-class team with
unrivaled experience and reputation for delivering clean energy
technology at scale, quickly. The timing for this market is
exceptional, with Peak Energy poised to become a global leader in
sodium-ion storage production and deployment. The team at Peak
Energy has been moving at a truly exceptional pace, and Xora looks
forward to supporting the company's ambitious growth
plans."
"Peak Energy's work is paramount to the quality of life for
everyone on our planet," said Greg
Reichow, partner at Eclipse. "The team at Peak Energy not
only has the deep industry experience to bring this company to
scale, but also has the appropriate sense of urgency, as evidenced
by this latest funding round. The time is now to build an American
battery company to compete with the international giants at scale,
and Eclipse believes this is the team to do it."
As Peak Energy moves fast to industrialize sodium-ion, the
company is already experiencing significant demand for its battery
systems. With access to meaningful new capital, Peak Energy enters
the next phase of growth, launching the first full-scale production
of sodium-ion storage in the U.S. The company's sodium-ion
batteries will deploy to a select group of six premier customers
participating in its pilot program as early as next year. The
roster includes three of the top five largest Independent Power
Producers (IPPs) and electric utility companies in the
country.
In addition to Xora Innovation, Peak Energy welcomes new
strategic investors including global real estate developer, owner,
operator and investor Tishman
Speyer, venture capitalist Lachy Groom, Doral Energy-Tech
Ventures and DETV-Scania Invest, and TechEnergy Ventures, CVC of
Techint, one of the largest LATAM industrial groups. This
collective of leading innovators across renewables, real estate
development, and AI reflects Peak Energy's wide-ranging
capabilities to revolutionize clean energy for everything from
powering commercial buildings in dense urban cities to supplying
datacenters with abundant, low-cost energy needed to unlock the
future of AI.
"Reinvesting in our future means embracing innovations like Peak
Energy's sodium-ion technology, paving the way for a sustainable
and secure energy landscape," said Anil Achyuta, Managing Director
at TDK Ventures. "By supporting Peak Energy, we're not just
investing in a company; we're investing in a transformative
solution that addresses critical challenges in energy storage,
enhances national energy security, and propels environmental
sustainability forward."
The latest investment comes on the heels of Peak Energy's launch
from stealth less than a year ago with a $10M seed round and the addition of Apple
and Tesla veteran Liam O'Connor as
co-founder and COO. In addition to seeding full-scale deployments
of its sodium-ion systems to pilot program customers next year,
Peak Energy is on track to break ground on building the first
domestic, giga-scale sodium-ion battery factory slated to open in
2027.
For more information on Peak Energy, visit
www.peakenergy.com.
About Peak Energy
Founded in 2023, Peak Energy is a
U.S.-based company developing low-cost, giga-scale energy storage
technology to accelerate the renewable energy transition. Founded
by industry veterans from Tesla, Northvolt and Enovix, the company
is on a mission to accelerate grid decarbonization while
drastically lowering the cost of energy storage and establishing
the U.S. as a global leader in the sodium-ion market. For more
information, visit www.peakenergy.com.
Media Contact
Inkhouse for Peak Energy
peak-energy@inkhouse.com
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SOURCE Peak Energy