Aquion Energy’s offering lures eighteen backers and raised $33 million

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XDATA – April 26th 2016
So far eighteen investors participated to Aquion Energy‘s $60 million non-brokered financing round. Financial backers bought, a few months ago, 55% of the offering or $33.2 million worth of equity. $26.8 million in additional funding can be raised before January 2017 based on the placement’s structure. The company closed four previous unregistered private placements which raised an estimated $124.97 million.
Aquion Energy markets, manufactures and develops Aqueous Hybrid Ion (AHI™) battery systems that are optimized for stationary, long duration daily cycling applications. This includes off-grid and microgrids, energy management, and grid-scale energy storage applications. The company’s battery systems provide flexible, modular energy storage that optimizes existing generation assets and enables broad adoption of renewable energy technologies such as wind and solar. Batteries can be assembled into systems ranging from kilowatt-hours to megawatt-hours. Financial backers include by Advanced Technology Ventures, Bright Capital, Foundation Capital, Kleiner Perkins Caufield & Byers, and Bill Gates.
The company, headquartered in Pittsburgh PA, is led by Scott A Pearson (CEO). Aquion Energy elected to keep its revenues undisclosed.
The executive team includes Jay Whitacre and John Connolly.
The board of directors includes Bill Wiberg, Jan Van Dokkum, Ray Lane, Steve Vassallo and Thomas R McDaniel.

The company has raised an estimated total of $158.17 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Aquion Energy
Industry: Other Energy
Amount offered: $60 million
Amount placed: $33.2 million
SEC filing: Source
First sale: 01-27-2016
Data as of: 04-26-2016

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