California-based Primus Power snags $20M in Series C round
Hayward, California-based Primus Power raised $20 million for the first closing of its Series C funding round. The financing was led by South Africa's Anglo American Platinum Ltd and was participated in by PGM Development Fund. Existing investors which include Canada-based venture capital firm Chrysalix Energy Venture Capital and Kleiner Perkins Caufield & Byers also joined the round, PE HUB reported.
Primus Power leads in providing low-cost, grid-scale energy storage solutions. Its multi-hour system is scalable and distributed and is able to serve multiple storage applications economically. Its EnergyPod products boast of 14 patented innovations in chemistry, cell design and system engineering that provide exceptional power density, reliability and portability at very affordable prices. By decoupling instantaneous electricity demand from supply, Primus Power's zinc-based flow battery systems make the electric grid more stable and secure. Compared to conventional solutions, it also hastens the penetration of wind and solar energy using superior economics, a statement about the funding said.
The proceeds from the most recent funding round will go towards supporting customer shipments to be made this year, making the transition from being a manufacturer to contract manufacturer and growing its sales and customer support teams. Since Primus Power was founded in the middle of 2009, it has already secured equity funding worth $35 million. The US Department of Energy, Advanced Research Projects Agency-Energy, Bonneville Power Administration and the California Energy Commission also provided the company with strategic government grants amounting to $20 million, the statement said.
As part of the deal, PGM Development Fund's Richard Willis will be joining the Board of Directors of Primus Power.
Primus Power CEO Tom Stepien said in the statement, "Anglo American Platinum's support is a welcome endorsement of our strategy, products and team. Beyond the investment, Anglo American Platinum is a valued partner and, as Primus expands internationally, they will provide a beachhead on the African continent."