Aquion Energy Raises $24.6M; VC in U.S. Energy Storage on the Rise
October 02, 2014
According to a recent SEC filing, Aquion Energy has raised $24.6 million of a planned $32.6 million funding round. The company, which develops high-performance, sustainable energy storage solutions, previously raised $56.6 million of Series D funding at a roughly $165 million valuation this past March. Its investors include Kleiner Perkins Caufield & Byers and Foundation Capital, among others.
In terms of VC activity, the U.S. energy storage industry has been on quite a ride over the last several years. After reaching peaks in both capital invested ($620 million) and deals completed (43) in 2011, VC investment in the space slowed dramatically, falling to $134 million invested over 26 deals in 2012. Since the crash, however, activity has been on a steady rise. According to the PitchBook Platform, capital invested in U.S.-based energy storage companies increased by 71% from 2012 to 2013; and through three quarters, this year has already seen an increase of 28% from last year. What's also interesting to note is that median deal size in the space is sharply rising, jumping from $3.1 million in 2012 to $6.7 million so far in 2014. To see a full list of U.S.-based energy storage companies that have received VC funding over the last five years, click here.