Peak Energy Raises $108M in Funding Round Led by GM Ventures
Dow Jones10-21 20:57
Startup Peak Energy said it raised $108 million in a Series B offering led by General Motors' venture-capital arm.
The Burlingame, Calif, company is developing sodium-ion battery systems, which would require less cooling than conventional energy-storage systems. The company said the Series B round of financing would enable it to scale up domestic manufacturing, fulfill over $1 billion in customer orders and launch in the booming data-center market.
Other venture-capital firms who participated in the oversubscribed funding round were Maverick Silicon, Infinite Capital, Eclipse, Xora Innovation and LG Technology Ventures.
In June, Peak Energy and GM struck a deal to jointly develop next generation sodium-ion battery cells, tapping GM's U.S. battery cell manufacturing expertise.
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