Aquion Energy’s Disruptive Battery Tech Raises $35M Funding

Aquion Energy’s Disruptive Battery Tech Raises $35M Funding

PITTSBURGH, PA — April 2, 2013 – 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.

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.”