US sodium-ion batteries maker Natron Energy early today said it has secured USD 35 million (EUR 31m) in Series D financing to step up manufacturing to meet growing demand for its products.
The funding round was led by the strategic venture capital unit of ABB Ltd (NYSE:ABB), ABB Technology Ventures, disruptive technologies investor NanoDimension Capital and venture fund Volta Energy Technologies. Existing investors including energy company Chevron Corp (NYSE:CVX) and venture capital firms Khosla Ventures and Prelude Ventures also contributed to the funding.
The latest financing will help boost the commercialisation of Natron's batteries up to 10 times by 2021. The company has now raised over USD 70 million since its creation.
Natron's battery technology uses Prussian Blue analogue electrodes and a sodium-ion electrolyte. The company says its batteries are used in critical infrastructure systems in edge and distributed computing infrastructure environments, hyperscale data centres, telecom, network and industrial applications.
According to Natron, energy storage products using its technology are both higher-powered and safer than traditional options, posing no fire hazards and other risks associated with lithium or lead batteries.