Peak Energy, a U.S.-based company developing giga-scale energy storage technology for the grid, will use its $55 million Series A funding round to launch full-scale production of its sodium-ion battery technology. Xora Innovation led the financing round with participation from Eclipse, TDK Ventures, Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures and DETV-Scania Invest.

“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,” said Landon Mossburg, co-founder and CEO of Peak Energy. “Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonized grid.”

With access to meaningful new capital, Peak Energy intends to begin full-scale production of sodium-ion storage within the United States. The company’s sodium-ion batteries will deploy to a select group of six customers (including IPPs and utilities) participating in its pilot program as early as next year. Peak Energy plans to open its first domestic, giga-scale sodium-ion battery factory in 2027.

News item from Peak Energy