- Peak Energy secures $55M for sodium-ion battery production.
- The startup aims to build a giga-scale factory by 2027.
- Investors see potential in utility-scale storage and diverse energy applications.
Peak Energy, a US-based battery maker, has secured a $55 million Series A funding round led by Xora Innovation, Temasek’s early-stage deep tech investing platform.
The company plans to use the funds to launch full-scale production of its sodium-ion battery technology, aiming to break ground on the first domestic, giga-scale sodium-ion battery factory by 2027.
Powering up for the future
Founded in 2023 by industry veterans from Tesla, Northvolt, and Enovix, Peak Energy is targeting the utility-scale storage market.
They tout sodium-ion technology advantages over lithium-ion batteries, including lower costs, improved supply chain security, and enhanced safety.
Peak Energy has already lined up six premier customers for its pilot program, including three of the top five largest independent power producers and electric utility companies in the US.
A charged-up investor lineup
The funding round attracted a diverse group of investors, including existing backer Eclipse and new strategic partners such TDK Ventures, Tishman Speyer, and TechEnergy Ventures.
This collective of innovators across renewables, real estate development, and AI reflects Peak Energy’s potential to revolutionize clean energy for various applications, from powering commercial buildings to supplying data centers with low-cost energy for AI operations.
