Energy storage company gets huge investment

Leading energy storage firm, Primus Power, has received $11m in funding. The firm has received money from several investors as well as the United States Department of Energy in order […]

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By Tom Gibson

Leading energy storage firm, Primus Power, has received $11m in funding.

The firm has received money from several investors as well as the United States Department of Energy in order to support the development and commercialisation of Primus’ low cost, ‘power-dense, distributed storage technology’.

DBL Investors and I2BF Global Ventures joined existing investors Chrysalix Energy Venture Capital and Kleiner Perkins Caufield & Byers.

Nancy Pfund, Managing Partner of DBL Investors said: “As utilities increasingly grow the percentage of renewables in their generation mix, cost-effective storage becomes imperative.”

Energy storage is currently seen as a problem for bringing the emerging smart grid online and could aid the development of more renewable projects.