Energy-Storage Company Attracts Major VC Funding

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Aquion Energy Inc. says it has closed a $30 million round of venture-capital (VC) funding. Foundation Capital led the round, with participation from returning investor Kleiner Perkins Caufield & Byers, as well as from new investors Advanced Technology Ventures (ATV) and TriplePoint Capital.

Prior to this round, Aquion had been supported with funding from Kleiner Perkins Caufield & Byers and the U.S. Department of Energy.

Aquion says it expects to begin shipping its first pre-production energy-storage systems to external testing facilities and selected strategic partners this fall. The company is also in the process of identifying and selecting an appropriate site for a U.S. manufacturing facility, which is expected to become operational in 2013 and create more than 500 jobs.

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