General Motors Unit Leads $108 Million Funding Round for Peak Energy Battery Manufacturing Plant
MT Newswires Live10-21 20:29
General Motors' (GM) GM Ventures unit led a $108 million series B funding round to help Peak Energy scale its domestic manufacturing, complete more than $1 billion in customer orders, and launch its product, Peak said Wednesday.
Maverick Silicon, Infinite Capital, Eclipse, Xora Innovation and LG Technology Ventures also participated in the funding.
Peak Energy said its system is designed to help reduce the cost to operate and maintain energy storage, and claims it can reduce energy costs by up to 20% compared with conventional storage systems.
In June, Peak Energy and GM formed a partnership to develop sodium-ion battery cells, and in July announced that its 4 gigawatt-hour factory in Sacramento, California will become operational in Q1 2027.
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