Aquion Energy Gets $56.6 Million in Financing for Battery Design

Aquion Energy Inc., a closely held developer of energy-storage systems, has received $56.6 million in equity financing to expand its operations.

The funding was disclosed in a filing yesterday with the U.S. Securities and Exchange Commission. Kleiner Perkins Caufield & Byers and billionaire Bill Gates are among the company’s investors, according to its website. Elizabeth Pond, a company spokeswoman, didn’t return phone messages today.

The company, based in Pittsburgh, produces aqueous hybrid ion batteries that use saltwater to conduct electricity. The technology is based on research originally conducted at Carnegie Mellon University.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Jasmina Kelemen

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.