Primus Power, a provider of grid-scale electrical energy storage, has secured $20 million in the first close of its Series C financing. Anglo American Platinum led the round with a major contribution from its PGM Development Fund. Existing Primus investors also participated in the round. The company's zinc-based flow battery systems decouple instantaneous electricity demand from supply, strengthening the stability and security of the electric grid and helping accelerate the penetration of wind and solar energy.
Founded in 2009, Primus has now raised about $35 million in equity funding to date, and has received strategic government grants totaling $20 million. The new capital supports 2014 customer shipments, transitioning the company’s manufacturing to a contract manufacturer and expanding its sales and customer support organizations. As part of the transaction, Richard Willis of the PGM Development Fund joins the Primus Board. Existing company backers include Kleiner Perkins Caufield & Byers, DBL Investors and I2BF Global Ventures, among others.