Terrajoule raises USD11.5 million for solar energy storage
Terrajoule acquired USD11.5 million seed funding for its solar energy storage project, according to a report by Green Tech. The investment round was led by strategic investor Air Liquide.
Terrajoule is an energy storage and waste-heat harvest startup that is based in Redwood City, California and currently has 12 employees. It aims to store solar power and use it on-demand on a 24-hour basis.
The energy company's CEO, Steve Bisset, first started raising USD7 million in 2011. Together with Air Liquide, other investors including NEA, JimBochnowski and Craig Wrinkler helped fund the startup. Forest Baskett and Arno Penzias of NEA also provided seed funding for the California-based in 2009, said Green Tech.
According to the Green Tech's report, Air Liquide decided to invest in Terrajoule because of its ability to produce an economical form of electricity from waste heat.
Bisset said of Terrajoule, "This is not just a Siliconn Valley story; it's a story of revived innovation in Detroit."