Peak Energy raises $108 million in GM Ventures-led round — Electrek

Peak Energy, which plans to expand manufacturing in the United States, has raised $108 million in an oversubscribed Series B funding round led by GM Ventures, the investment arm of General Motors. LG Technology Ventures and other investors also participated in the round. As Electrek reports, the company will direct the funds toward expanding manufacturing in the United States, fulfilling existing customer orders worth more than $1 billion, and bringing energy storage systems to the data center market.

Cooperation with General Motors

General Motors and Peak Energy are also working together to develop next-generation sodium-ion battery cells for stationary energy storage systems. They are not planned for use in electric vehicles because their energy density is insufficient for that purpose.

Under the partnership terms, General Motors will develop the cells at its battery laboratories in Michigan and retain exclusive rights to manufacture them. Peak Energy will integrate these cells into its own energy storage systems while scaling up manufacturing in the United States.

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Stationary energy storage systems

The stationary energy storage market currently relies primarily on lithium iron phosphate batteries. Peak Energy believes sodium-ion technology can be a cheaper alternative for power grids, where cost, reliability, and safety are more important than maximum energy density.

The company says its passively cooled system does not require the active cooling equipment used in conventional LFP systems. According to Peak Energy's estimate, the platform can reduce energy storage costs by 20% and provide more than 99% uptime. The company also estimates a potential reduction in annual energy losses in U.S. storage systems of up to 2 terawatt-hours.