Grid-scale electrical energy storage firm, Primus Power has secured $20 million in the first close of its Series C financing led by South Africa-based platinum producer Anglo American Platinum Limited (Anglo American Platinum) with a major contribution from its PGM Development Fund.
Existing investors also participated alongside PGM Development Fund. Richard Willis of the PGM Development Fund joins Primus’ Board of Directors.
“Anglo American Platinum’s support is a welcome endorsement of our strategy, products and team,” said Primus Power’s CEO, Tom Stepien. “Beyond the investment, Anglo American Platinum is a valued partner and, as Primus expands internationally, they will provide a beachhead on the African continent. The new funds from Anglo American Platinum and other investors will help us accelerate our customer deliveries, grow our internal team and expand our product offerings.”
The latest round of funding supports 2014 customer shipments, transitioning the Company’s manufacturing to a contract manufacturer, and expanding its sales and customer support organizations and it brings the firm’s total funds raised to $35 million in equity funding and government grants of $20 million from the U.S. Department of Energy (DOE), the Advanced Research Projects Agency-Energy (ARPA-E), the Bonneville Power Administration (BPA), and the California Energy Commission (CEC).
The firm’s safe, low-cost, grid-scale electrical energy-storage solutions such as the zinc-based flow battery systems decouple instantaneous electricity demand from supply, bolstering the stability and security of the electric grid, and helping accelerate the penetration of wind and solar energy with superior economics compared to conventional solutions.
Andrew Hinkly, Anglo American Platinum’s Executive Head of Marketing, called Primus Power’s solutions a game changer. “The EnergyPod(R) is a safe, low cost, power dense and ultra-reliable energy storage solution that installs rapidly. It is a differentiated product for mass deployment that integrates thoughtful design and utility-grade construction into a product that adds value at numerous locations along the electrical grid. This is a strategic investment for Anglo American Platinum. It is both good for business and for the environment.”