Primus Raises $25 Million to Develop Power-Storage TechnologyBy
Plans to assemble zinc bromide battery systems in Kazakhstan
Kazakhstan power company to buy up to 100 megawatts of storage
Primus Power Corp. arranged $25 million in financing to commercialize its energy-storage technology.
The Series D funding round was led by I2BF Global Ventures and includes backing from the Russia-Kazakhstan Nanotechnology Fund, Anglo American Platinum Ltd., Chrysalix Energy Venture Capital and DBL Partners, Hayward, California-based Primus said Wednesday in a statement.
The company has now raised $60 million in equity financing since it was formed in 2009. It also received $20 million in grants from government agencies including the U.S. Energy Department and the California Energy Commission.
Samruk-Energy JSC, an electricity provider in Kazakhstan, agreed in May to purchase 25 megawatts to 100 megawatts of Primus’s zinc bromide battery systems, which it plans to assemble in the central Asian nation, according to the statement.
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