Peak Energy, a U.S.-based company developing low-cost, giga-scale energy storage technology for the grid, 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.
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.”
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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.”
SOURCE: PRNewswire