Battery innovator Aquion Energy closes on $30m in financing

Advanced battery maker Aquion Energy has closed on a $30-million round of venture financing as it prepares to launch its first products and begin global marketing.

The financing round was led by Foundation Capital, with participation from Kleiner Perkins Caufield & Byers, Advanced Technology Ventures and TriplePoint Capital. Aquion had previously received funding from Kleiner Perkins Caufield & Byers and the US Department of Energy.

The new investment comes at the same time that Steve Vassallo of Foundation Capital and Bill Wiberg of Advanced Technology Ventures join the Aquion board of directors.

Aquion has developed a sodium-ion, aqueous electrolyte battery designed to support renewable energy technologies and improvements to the existing electrical grid. Its technologies and products — which feature no hazardous materials, corrosive acids or noxious fumes — originated from research at Carnegie Mellon University.

The company expects to begin shipping its first pre-production energy storage systems to outside test facilities and certain partners this fall. It’s also in the process of choosing a site for its manufacturing facility, which is expects to open in 2013.