Energy Storage Firm Gets $20M Venture Debt Loan
Trinity Capital Investment and CapX Partners closed a $20 million venture debt loan to meet the existing and future debt financing needs of Aquion Energy, an early stage energy storage company with a proprietary battery technology.
In January 2014, Aquion closed a $55 million Series D round of equity funding to continue the commercialization of its Aqueous Hybrid Ion (AHI) battery technology. The equity funding was provided by new investors including, Bill Gates, Yung’s Enterprise, Tao Invest, Bright Capital, and Gentry Venture Partners, bringing the company’s total invested capital and grants to more than $100 million.
Aquion’s battery technology has been developed for off-grid and micro-grid, energy management, and grid-scale storage applications.
Trinity and CapX partnered together to deliver a $20 million credit facility that includes an interest-only period to assist Aquion with its cash flow and continued commercialization of its energy solutions while providing the flexibility for additional debt capital in the future.
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