Peak Energy, a US-based company developing low-cost, giga-scale energy storage technology for the grid, has secured its $55 million Series A from Xora Innovation, a tech investing platform of Temasek, Eclipse, TDK Ventures, and other new strategic investors to launch the full-scale production of Peak Energy's sodium-ion battery technology.
With the rise of artificial intelligence (AI) and increased EV adoption, electricity demand in the US is predicted to grow about 20% by 2030, and electric utilities are doubling their forecasts for the amount of additional power required to be produced by 2028.
"AI should represent a step forward, not a step backward," said Landon Mossburg, co-founder and CEO 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."
Utility-scale storage with highly cost-effective technologies like sodium-ion will enable the US to reap the maximum benefits of clean energy sources to power the grid and avoid returning to fossil fuel-burning power plants. Sodium-ion is a stable and proven battery chemistry that provides advantages in cost, supply chain security, scale, and safety over lithium-ion - the industry's current default battery storage choice.
"Peak Energy has assembled a world-class team with unrivaled experience and reputation for delivering clean energy technology at scale, quickly,” said Phil Inagaki, Managing Partner & Chief Investment Officer at Xora Innovation. “The team at Peak Energy has been moving at a truly exceptional pace, and Xora looks forward to supporting the company's ambitious growth plans."
Peak Energy is experiencing increased demand for its battery systems and is entering the next phase of growth, launching the full-scale production of sodium-ion storage in the US. By 2025, the company's sodium-ion batteries will be deployed to a select group of six premier customers participating in its pilot program. The list includes three of the five Independent Power Producers (IPPs) and electric utility companies in the country.
The collective group of innovators across renewables, real estate development, and AI reflects Peak Energy's capabilities to advance clean energy in a variety of areas, including powering commercial buildings in dense urban cities to supplying datacenters with abundant, low-cost energy needed to unlock the future of AI.
Peak Energy also plans to build a domestic, giga-scale sodium-ion battery factory, which is scheduled to be operational by 2027.
