Primus Power, a Hayward, California-based energy storage company, announced in May that it received $11 million in its most recent round of financing. DBL Investors and I2BF Global Ventures joined previous investors Kleiner Perkins Caufield & Byers and Chrysalix Energy Venture Capital in this funding round.
The company stated that it will use these funds to support continued development and commercialization of its flow battery technology. Flow batteries, which are large tanks of liquids that can store energy, have the ability to rapidly store energy that comes in from solar and wind power devices and release that electricity during peak load periods. In addition, they can provide backup power for large power grids.
"As utilities increasingly grow the percentage of renewables in their generation mix, cost-effective storage becomes imperative," said Nancy Pfund, Managing Partner of DBL Investors. "Primus Power answers this need for storage on the power grid of the future, while simultaneously tackling today’s demands with flexible storage solutions offering outstanding power density at a low price point. With its advanced technology and seasoned management team, Primus delivers an important, environmentally beneficial component to the national, and eventually the global, energy market."
David Waserstein, Partner and Director of Investments at I2BF Global Ventures, believes that “Primus occupies the sweet spot between cost and power density. Today there are no comparable low cost, high power storage systems on the market, and we see huge potential for Primus’ technology."
Primus Power was founded in 2009 and has also received grants from the United States Department of Energy (DOE), the Advanced Research Projects Agency – Energy (ARPA-E), and the California Energy Commission (CEC).
For more information:
- Primus Power Completes $11M Financing Round (May 31, 2011)
- Primus Power’s Flow Battery Powered by $11 Million in Private Investment (E nergy Blog, US DOE)
- Primus Power: Low-Cost, High Performance 50 Year Electrodes (ARPA-E)
– This post was written by Rob Stewart, a graduate student pursuing an M.A. in Urban Sustainability at the Antioch University of Los Angeles.