Bill Gates is Among Investors Backing New Aquion AHI Batteries

Bill Gates (News - Alert) is among the key investors who participated in a recently completed $35 million Series D rounding of financing by Pittsburgh-based Aquion Energy, Inc.—a developer and manufacturer of low-cost, nontoxic aqueous hybrid ion (AHI) batteries and energy storage systems for the grid.

In the company’s latest financing round, which was led by Moscow-based Bright Capital, Gates was joined by another new backer—Chicago-based Gentry Venture Partners. Returning financiers included Kleiner Perkins Caufield & Byers of Menlo Park, California; Foundation Capital of Atlanta, and Advanced Technology Ventures of Waltham, Massachusetts.

This is not Gates’ first time as at the battery rodeo. He already has funded at least five battery startups–including Cambridge, Massachusetts-based Ambri, which is commercializing a liquid metal battery first invented at the Massachusetts Institute of Technology (MIT (News - Alert)).

At a TED Conference in Long Beach, California, in 2010, the Microsoft founder said, “"All the batteries we make now could store less than 10 minutes of all the energy [in the world]. So, in fact, we need a big breakthrough here. Something that's going to be of a factor of 100 better than what we have now."

Specifically developed for the demanding requirements of both small- and large-scale stationary energy storage applications,  Aquion’s batteries:

·         Do not need to be immediately charged once they have been discharged: They can be held at a partial state of charge for very long periods without damage.

·         Are extremely fault tolerant: They can operate after a short circuit with only a slight degradation in overall capacity.

·         Are nontoxic, non-corrosive, and contain no heavy metals: They are ecofriendly and recyclable.

The new funding will support the commercialization and rollout of the batteries. Aquion will deliver initial, pre-production units to selected lead customers and partners throughout 2013 and will begin shipping production units from its high-volume manufacturing plant in Pennsylvania at the end of this year.

“Aquion has demonstrated the viability and potential disruptiveness of its novel energy storage technology. We expect Aquion’s products to be a key enabler for the emerging energy storage industry that many experts predict will grow exponentially in the next decade,” said Mikhail Chuchkevich, managing director of Bright Capital. “We are delighted to join the Aquion team and to support the company in further developing and globally scaling the business.”

Scott Pearson, CEO of Aquion commented, “We are very pleased to have attracted such a strong set of new investors to complement our existing backers. This group will provide critical operational and financial support to the company. The Aquion team is very excited about launching our initial storage products later this year and beginning to ramp [up] the business in 2014 and beyond.”