Temasek’s Xora Innovation led $55 M Series A funding raised by battery maker Peak Energy
Peak Energy, a US battery manufacturer, has raised $55 million in a Series A funding round led by Temasek’s Early-Stage deep tech investment platform, Xora Innovation.
Peak Energy announced in a statement on Wednesday that it has obtained the capital necessary to begin producing its tested sodium-ion battery technology on a large scale.
Along with new investors Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, and DETV-Scania Invest, the funding round also included strategic partner TDK Ventures and longstanding investor Eclipse.
Following Peak Energy’s $10 million seed round and the appointment of Liam O’Connor, a former employee of Apple and Tesla, as co-founder and chief operating officer, less than a year ago, comes the most recent investment.
Peak Energy said that in addition to seeding full-scale deployments of its sodium-ion systems to pilot program customers in the upcoming year, the company is on track to begin construction on the first domestic giga-scale sodium-ion battery factory, which is scheduled to open in 2027.
Peak Energy is already seeing a large demand for its battery systems as it quickly industrializes sodium-ion.
After gaining access to significant fresh funding, the company proceeds to the next stage of its development and starts the nation’s first large-scale production of sodium-ion storage.
As early as next year, the company’s sodium-ion batteries will be made available to a limited number of six elite clients who are taking part in its pilot program.
Three of the top five independent power producers (IPPs) and electric utility companies in the nation are represented on the roster.
“Artificial intelligence (AI) should represent a step forward, not a step backward,” said Landon Mossburg, Co-founder and Chief Executive Officer of Peak Energy.
“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,
“Utility-scale storage powered by sodium-ion is the answer to securing this future on a resilient, decarbonized grid,” he added.
Peak Energy is an American startup that was founded in 2023 with the goal of accelerating the switch to renewable energy sources by creating giga-scale, inexpensive energy storage technology.
The company, which was founded by seasoned professionals from Tesla, Northvolt, and Enovix, intends to expedite the decarbonization of the grid, significantly reduce energy storage costs, and position the United States as a global leader in the sodium-ion market.
