Primus Power Corp, a pioneer in grid-scale energy-storage technology has raised $25 million in Series D round of funding led by I2BF Global Ventures along with Russia-Kazakhstan Nanotechnology Fund, Anglo American Platinum Ltd., Chrysalix Energy Venture Capital and DBL Partners, Hayward, California-based Primus.
Founded in 2009, Primus Power is a leader in low-cost, stationary energy storage solutions with a scalable, distributed, multi-hour system that economically serves multiple storage applications. Having 22 patented innovations in chemistry, cell design and system engineering, the company’s EnergyCells and EnergyPod products offer exceptional power and energy density, reliability and portability at industry-low total cost of ownership.
The Hayward-based company headed by CEO Tom Stepien said, “Primus is very fortunate to add another high-caliber international investor to our syndicate. 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.”
As part of the agreement entered with Samruk-Energy in May this year, Samruk-Energy plans to purchase Primus systems totaling 25 MW 100MWh – representing 1,250 batteries.
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.”