Peak Energy Raises $55M to Develop Sodium-Ion Batteries

Peak Energy, a new and creative company based in Denver and San Francisco, has secured $55 million in initial funding. They plan to use this money to start a test production in 2025.

Peak Energy, headed by CEO Landon Mossburg, who previously worked at Northvolt and Tesla Energy, raised $10 million last year in a funding round led by Eclipse and TDK Ventures. This year, they raised more funds in a round led by Xora Innovation, the tech venture capital branch of Singaporean investment group Temasek.

Advantages of sodium-ion batteries

Sodium-ion (Na-ion) batteries have several benefits over traditional lithium-ion (Li-ion) batteries. Sodium is much cheaper and more plentiful than lithium, helping to lower production costs. While Na-ion batteries don’t reach the same energy density and have fewer charging cycles, they are more stable with temperature changes. This technology is useful for electric vehicles with a shorter range, among other applications.

Ambitious development plans

Peak Energy, along with six partners, plans to start a production pilot program in 2025. The company hasn’t revealed the names of the partners, but they include three of the biggest independent power producers in the U.S. and a utility company. The aim is to open a large plant in 2027 and achieve the lowest cost per kilowatt-hour in the industry by 2030.

Market competition

Although Peak Energy claims to be the first U.S. company to develop this technology, it faces competition. Natron Energy has already opened a plant in Michigan with an annual capacity of 600 MW.

Other startups and established battery manufacturers are also aiming to lead in sodium-ion technology. Germany’s Varta heads an R&D consortium supported by the German government, and Northvolt, Mossburg’s former employer, is actively researching the technology. Tiamat and Altris have also secured funding. Additionally, Chinese manufacturers, including CATL, are also involved.

Source: energy-storage.news