Gridential Energy develops an advanced Absorbent Glass Mat (AGM) battery that is inexpensive, recyclable and an alternative to traditional lithium-ion batteries.
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On Tuesday, the Santa Clara, California-based company announced a $ 12 million convertible note to support the production line of its lead-acid batteries, which are made from patented, solar-inspired Silicon Joule technology. This includes what company boss John Barton advertises as the world’s first factory-fitted 24-volt lead-acid battery with one block and one block. The batteries can be used for transportation and power storage at home.
1955 capital headed the financing with the participation of Silicon Valley Bank, as well as David Marquardt, Yumin Lui and existing investors East Penn Manufacturing, Crown battery and The Roda group. With this new funding, Gridtential has received a total of $ 28 million in funding since the company was founded in 2012 John Barton, CEO of Gridtential.
“They hypothesized that a lead-acid battery could perform better if it was made from better materials,” he added. “They were discussing silicon, and the benefit of that is that it uses chemistry and silicon supply chains to bring two huge industries together and solve energy storage quickly.”
Gridtential’s Silicon Joule replaces the metal grids of conventional lead-acid batteries with specially processed silicon wafers and a stacked cell architecture to reduce weight, increase performance and extend service life. This allows the batteries to charge up to two times faster and last more than four times longer and weigh up to 30 percent less than conventional lead-acid batteries, said Barton. The company is already working on the development with 12 battery partners.
Barton estimates that the lead-acid battery market is valued at $ 60 billion and the energy storage market will be valued at $ 200 billion in a few years. In addition, lead-acid batteries have the advantage of being safer – lithium batteries cannot be extinguished with water – and most of them are recycled. The infrastructure for this is already in place, compared to the cost of lithium batteries that don’t include recycling, he said.
“The circular economy for lead-acid batteries is already in place,” added Barton.
Andrew ChungGridtential, founder and managing partner of 1955 Capital, said in an interview that Gridtential is proving it can roll thousands of batteries off production lines after raising tens of millions against the hundreds of millions of other battery companies.
Chung has researched more than 500 battery companies in the past 20 years and said he was “blown away” by Gridtential’s team and technology.
“Your technology falls into the existing manufacturing process and the silicon wafer is already an established supply chain,” he added. “There will be a number of tailwinds when this is commercialized. When John says they work with 12 different groups, it’s phenomenal. It plants the seeds for go-to-market partners. You only have to meet a few to be a billion dollar business. It gives them a chance to win big here. “
Battery photo courtesy of Gridtential Energy.
Illustration: Dom Guzman
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