Aquion Energy Inc. has closed a $55 million financing deal to bring its aqueous hybrid ion batteries and energy storage systems to market this year. The units are intended for small- and large-scale stationary energy storage applications.
The company says the new amount represents an increase from the $35 million it had secured in April 2013. The series D financing includes participation from new investors Bill Gates, Yung's Enterprise, Tao Invest, Bright Capital and Gentry Venture Partners. Previous investors Kleiner Perkins Caufield & Byers, Foundation Capital and Advanced Technology Ventures also participated in the round.
Aquion says it will begin shipping production units to customers in the first half of the year from its manufacturing facility in Westmoreland County, Pa.