US-Based Startup Peak Energy Raises $55M for
Sodium-Ion Battery Tech

Peak Energy, a company in the U.S., has raised $55 million. This money will help them start making new sodium-ion batteries.

Who Invested in Peak Energy

Xora Innovation led the funding round. Other investors include Eclipse, TDK Ventures, Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, and DETV-Scania Invest. These investors support Peak Energy’s mission and technology.

Benefits of Sodium-Ion Batteries

Sodium-ion batteries are a good alternative to lithium-ion batteries. They are cheaper, safer, and easier to get. Landon Mossburg, co-founder and CEO of Peak Energy, said, “As energy demand grows, we must use renewable energy to provide dependable and cheap energy for a new era of technology. Utility-scale storage powered by sodium-ion is the answer to a secure and decarbonized grid.”

Peak Energy Future Plans

Peak Energy plans to start making sodium-ion batteries in the U.S. next year. They will first test these batteries with six customers, including power companies. Peak Energy also plans to open a large factory for these batteries by 2027.

Advantages of Sodium-Ion Batteries

Sodium-ion batteries come from natural materials like rock salts and soda ash. They last longer, up to 15,000 cycles, compared to lithium-ion batteries’ 8,000 cycles. This makes them great for large energy storage. However, they have less energy density, which might limit their use in electric cars.

Industry Trends

Interest in sodium-ion batteries grew in 2022 when lithium prices went up. Even though lithium prices have stabilized, sodium-ion batteries are still attractive because they are safe and cost-effective. Other companies, like Natron Energy Inc., have also started making sodium-ion batteries for data centers.

Looking Ahead

Peak Energy’s new funding and plans are a big step in energy storage. With a strong team from Tesla, SunPower, and Northvolt, Peak Energy is ready to lead in using sodium-ion batteries for large-scale storage. They aim to support renewable energy and ensure a more secure and decarbonized grid.