Startup raises $32m for flow batteries in China

Startup raises $32m for flow batteries in China

Business news |
By Nick Flaherty

EnergyPod 2 is a modular battery system that uses zinc bromide chemistry to deliver a 5kW battery with a five hour performance and 20 year lifetime with no loss of charge. 

New investors include Hong Kong’s Success Dragon and Matador Capital, the investment office of a well known Saudi family.  Existing investors Anglo American Platinum, DBL Partners and I2BF while the Russia Kazakhstan Nanotechnology Fund also participated. This brings the total raised so far to $94m with $20m in US government grants since its founding in 2009, creating 34 patents in 9 countries and regions.. 

“The Primus team has risen to the challenge of designing and delivering a safe, powerful and low cost battery system with a 20-year life to meet the expanding demand for energy storage, and investors around the world are recognizing our progress,” said Tom Stepien, CEO of Primus Power. “This is especially true in China where we will leverage Success Dragon’s financial support and deep business network to build a leading position in the energy storage industry.”

“Our Primus Power partnership marks Success Dragon’s first step into the renewable energy business,” said Ms Li Xuehua, Chairman of Success Dragon.  “We look forward to bringing Primus’ flow battery systems into China and helping them capitalize on the rapid development of the country’s renewable energy and energy storage markets. The new partnership will also help drive Success Dragon’s business growth.”

China’s efforts to develop renewable energy have accelerated in recent years. According to the 13th Five-Year Plan for Renewable Energy Development issued by China’s National Energy Administration, China plans to invest $360 billion in the renewables sector over five years. Long-duration storage such as EnergyPod 2 can be integrated with renewable energy sources such as wind and solar that fluctuate. A flow battery can smooth out fluctuations in solar and wind power, and store excess renewable generation for later use during evening peak hours when energy is most valuable. 

“The energy storage market in China is still in its infancy,” said Li Xuehua, “and is set for rapid growth, given the country’s large-scale investment in renewable energy. We are confident that our partnership with Primus will give us a pioneering advantage and will see us emerge as a key player in China’s energy storage market.”

Related stories:

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News


Linked Articles