Primus Power, a developer of grid-scale energy-storage technology, announced today that it secured $25 million in financing for its Series D funding round. I2BF Global Ventures led the round and the Russia-Kazakhstan Nanotechnology Fund (RKNF), one of the funds managed by I2BF, participated in the offering. Existing investors Anglo American Platinum, Chrysalix Energy Venture Capital and DBL Partners also participated.
With this fundraising, Primus Power has raised $60 million in equity since its founding in 2009. The Company has also received strategic government grants totaling $20 million from the U.S. Department of Energy (DOE), the Advanced Research Projects Agency-Energy (ARPA-E), the Bonneville Power Administration (BPA), the California Energy Commission (CEC), and the Department of Defense (DOD) through its Environmental Security Technology Certification Program (ESTCP).
Primus is shipping EnergyCells and EnergyPods® -- safe, low-cost, modular electrical energy-storage systems. The patented storage technology pairs a unique zinc-bromide chemistry with novel technical innovations to deliver optimum performance and multi-decade battery lifetime, at a low levelized cost of energy. Engineered for flexibility and long duration, Primus batteries economically serve a variety of energy storage applications that require multi-hour, daily duty.
In May 2015 Primus executed a strategic agreement with Samruk-Energy, the principal electricity provider in the Republic of Kazakhstan. As part of the multi-year agreement, Samruk-Energy plans to purchase Primus systems totaling 25 MW · 100 MWh -- representing 1,250 batteries. These Primus systems will be assembled inside Kazakhstan and help the country reach its renewable energy goals of 30 percent by 2030 and 50 percent by 2050.
Almassadam Satkaliyev, Chairman of the Board of the Joint Stock Company Samruk-Energy, commented, "We expect that the joint work with Primus Power, the leader in the development of energy storage technologies, will accelerate the development of renewable energy in Kazakhstan, and will provide us with opportunities for practical implementation of innovative solutions in the electricity sector."
"Storing electrons safely, inexpensively, and with virtually no battery degradation, has long been a strategic imperative for the global energy industry, drawing world-class brains to find a winning solution," said Ilya Golubovich of I2BF. "We are convinced that Primus Power has developed the ultimate electron warehouse. The technology is field-proven and the Company is at the right stage for I2BF to double down, and for RKNF to take a position. We're delighted to support the Primus team."
Primus Power CEO Tom Stepien thanked existing investors for their continued support, welcomed RKNF, and underscored the importance of Samruk-Energy's 1,250 battery offtake. He noted, "Primus is very fortunate to add another high-caliber international investor to our syndicate. Their participation highlights the need for low total cost-of-ownership energy storage solutions, and the commitment by major global players to support deployment of market-ready technology. Joining forces means we can accelerate our product shipments in North America, respond to important needs in countries with significant renewable energy plans like Kazakhstan, and form strong technology partnerships with innovative companies such as Samruk-Energy."
