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Aquion Energy Announces Completion of $36.8 Million Financing

November 05, 2014 by Jeff Shepard

Aquion Energy, Inc. announced the closing of a tactical $36.8 million Series E financing round which will support growing customer-facing resources, scaling production, and deploying projects with partners worldwide. The Series E financing includes participation from new investors including: the business interests of Gigi Pritzker Pucker and Michael Pucker represented by DNS Capital, LLC; Constellation Technology Ventures, the venture capital arm of Exelon Corporation; Total Energy Ventures; Shell Technology Ventures; and CapX Fund IV, LP. Previous investors also participating in the round include Bill Gates, Yung's Enterprise, Nick and Joby Pritzker through their family's firm Tao Invest, and Prelude Ventures.

"With a compelling product platform and a track record of executing to plan, Aquion Energy is poised to create transformative change in the stationary energy storage market," said Michael Smith, Constellation vice president and head of Constellation Technology Ventures. "Aquion's technology has the potential to drive the increased adoption of distributed renewables and to support the integration of additional renewable generation resources on the grid."

Scott Pearson, chief executive officer of Aquion commented, "This latest round of financing is a testament to the confidence that top strategic and financial investors have in Aquion's technology, products, and management team. Building on the recent unveiling of our second generation AHI battery technology at Solar Power International, this funding will allow the Aquion team to continue to scale our operations and prepare for increased sales and deployments around the globe."

Unlike traditional battery chemistries that are being repurposed for demanding solar applications, such as lead acid and lithium ion, AHI batteries are specifically designed for multi-hour (4 – 20 hour) solar applications, and are the most economically effective batteries in the world for daily deep cycling. Pairing Aquion's AHI batteries with a solar array enables maximum utilization of the power generated by solar - the batteries capture all excess solar generated during daylight hours and provide consistent clean power overnight and as needed. With a unique combination of performance, safety and sustainability, cost-effective AHI batteries are positioned to help enable the broad adoption of renewable energy technologies and optimize existing grid-tied generation assets.