Temasek’s Xora Innovation Leads $55M Series A Funding
Temasek’s Xora Innovation, an early-stage deep tech investing platform of Temasek, has spearheaded a $55 million Series A funding round in US battery maker Peak Energy. This investment aims to scale the production of Peak Energy’s Sodium-ion Battery technology.
Strategic Investment Partners
Peak Energy announced on Wednesday that it secured the funding to launch full-scale production. Existing investor Eclipse, strategic partner TDK Ventures, and new investors including Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, and DETV-Scania Invest also participated in the funding round.
Peak Energy’s Rapid Growth
Less than a year ago, Peak Energy emerged from stealth with a $10 million seed round. The company also welcomed Apple and Tesla veteran Liam O’Connor as Co-founder and Chief Operating Officer. Peak Energy plans to deploy its sodium-ion systems to pilot program customers next year and is set to begin building the first giga-scale Sodium-ion Battery factory in the U.S., expected to open in 2027.
Meeting Market Demand
With growing demand for its battery systems, Peak Energy is poised to industrialize sodium-ion technology rapidly. The company will begin full-scale production for six premier customers in its pilot program next year. These include three of the top five largest independent power producers and electric utility companies in the country.
Strategic Vision and Industry Impact
“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.”
Company Background
Founded in 2023, Peak Energy aims to accelerate the renewable energy transition by developing low-cost, giga-scale energy storage technology. Industry veterans from Tesla, Northvolt, and Enovix founded the company. They aim to establish the U.S. as a global leader in sodium-ion technology, offering advantages in cost, supply chain security, scale, and safety over Lithium-ion batteries.
Strategic Investor Comments
Phil Inagaki, Managing Partner and Chief Investment Officer at Xora Innovation, remarked, “The need for a new utility-scale storage standard is not a decade away; it’s right now. Peak Energy has assembled a world-class team with unrivaled experience and reputation for delivering clean energy technology at scale, quickly.”
Greg Reichow, Partner at Eclipse stated, “The time is now to build an American battery company capable of competing with international giants at scale. Eclipse believes this is the team to do it.”
Broader Implications
Peak Energy welcomes new strategic investors like global real estate developer Tishman Speyer, venture capitalist Lachy Groom, Doral Energy-Tech Ventures, DETV-Scania Invest, and TechEnergy Ventures. This diverse collective of leaders in renewables, real estate, and AI underscores Peak Energy’s capacity to revolutionize clean energy. Anil Achyuta, Managing Director at TDK Ventures, emphasized, “By supporting Peak Energy, we’re investing in a transformative solution that addresses critical energy storage challenges, enhances national energy security, and propels environmental sustainability forward.”
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