Primus Gets $20 Million in Round Led by Anglo American PlatinumJustin Doom
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.