May 30 (Bloomberg) -- Aquion Energy Inc., the energy-storage developer backed by Bill Gates, is using a $20 million loan from Trinity Capital Investment and CapX Partners mainly to refinance debt, Chief Executive Officer Scott Pearson said.
The loan covers payments of about $15 million on an existing credit line, adding about $5 million of net cash for the Pittsburgh-based company, Pearson said today in a telephone interview. Aquion has raised more than $100 million and may seek additional capital later this year or early next year.
“It was more favorable terms,” Pearson said, declining to disclose borrowing costs. “Just like with a home mortgage, the overall deal made more sense to refinance.”
The closely held company, whose investors also include Kleiner Perkins Caufield & Byers, will begin shipping its aqueous hybrid ion batteries by the end of this quarter, Pearson said.
The stackable units, which use saltwater to conduct electricity, each hold 1.7 kilowatt-hours of energy. They’re designed to hold charges for several hours and may be drained and recharged daily.
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