to-the-point: Battery maker Axiom Exergy secures USD 2.5m of financing

California-based energy storage company Axiom Energy has raised USD 2.5 million (EUR 2.2m) of funds that will help it scale its refrigeration battery in the grocery store and cold storage facility markets, it said on Tuesday.

The financing came from a number of investors, including the Element 8 Fund, Victory Capital, the MIT Angels, as well as angel investors on the Propel(x) platform, the Sierra Angels and the co-founder and CTO of Tesla Motors, Jeffrey Brian Straubel.

The company says that its refrigeration battery can enable supermarkets and food distribution centres to lower their peak energy demand by up to 40%. Its pipeline includes more than USD 5 million in orders.

(USD 1.0 = EUR 0.893)

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