Primus Power has received $11 million in its most recent round of financing. DBL Investors and I2BF Global Ventures joined existing investors Chrysalix Energy Venture Capital and Kleiner Perkins Caufield & Byers. The funds raised complement existing grants from the United States Department of Energy (DOE), the Advanced Research Projects Agency – Energy (ARPA-E), and the California Energy Commission (CEC), and will be used to support continued development and commercialization of Primus’ low cost, power-dense, distributed storage technology.
Energy storage is a key enabler of the emerging smart grid and reinforces the rapid expansion and integration of renewable energy. “As utilities increasingly grow the percentage of renewables in their generation mix, cost-effective storage becomes imperative,” said Nancy Pfund, Managing Partner of DBL Investors. “Primus Power answers this need for storage on the power grid of the future, while simultaneously tackling today’s demands with flexible storage solutions offering outstanding power density at a low price point. With its advanced technology and seasoned management team, Primus delivers an important, environmentally beneficial component to the national, and eventually the global, energy market.”