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Primus Gets $20 Million in Round Led by Anglo American Platinum

Feb. 4 (Bloomberg) -- Primus Power Corp., an energy-storage company backed by Kleiner Perkins Caufield & Byers, received $20 million in a Series C funding round led by Anglo American Platinum Ltd. to commercialize its technology.

The funds will be used to expand sales and manufacturing efforts, Hayward, California-based Primus said today in a statement. Anglo American, based in Johannesburg, was joined in the round by existing investors.

“As Primus expands internationally, they will provide a beachhead on the African continent,” Primus Chief Executive Officer Tom Stepien said in the statement.

Primus Power has raised $35 million in equity since it was founded in mid-2009 and has received U.S. government grants of about $20 million, according to the statement.

The company’s zinc-based flow battery technology may be used to retain power from intermittent sources such as wind and sunlight. Primus expects to deliver grid-storage systems to utilities and operators of microgrids at military bases in the next year.

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

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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