Peak Energy Launches from Stealth with $10M Investment to Accelerate the Renewable Energy Transition

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Oct 04, 2023, 09:00 ET

Founded by industry veterans from Tesla, Northvolt and Enovix, the company will focus on rapid scaling of sodium-ion battery manufacturing to address widespread demand for lithium ion alternatives
Peak Energy's mission is to drive down the cost of energy storage by up to 50 percent for grid-scale deployments, while improving reliability and safety
Company will enable the U.S. to become a leader in sodium-ion manufacturing, deployment and innovation, as a way to decarbonize the grid and improve energy security
Eclipse led the Seed financing with participation from battery and energy industry leaders at TDK Ventures

DENVER, Oct. 4, 2023 /PRNewswire/ -- Peak Energy, a U.S.-based company developing low-cost, giga-scale energy storage technology for the grid, today launched from stealth following a $10M funding round led by Eclipse, with significant participation from strategic partner TDK Ventures. Founded by industry veterans from Northvolt, Tesla, Enovix and SunPower, Peak Energy is on a mission to accelerate grid decarbonization, while drastically lowering the cost of energy storage and establishing the U.S. as a global leader in the sodium-ion market.

Renewables are on track to become the largest source of global electricity generation by early 2025, but without affordable, reliable storage for the grid, the U.S. cannot reap the full benefits of these inexpensive and clean, but intermittent sources of energy. While lithium ion has been the default battery solution, its high cost structure, supply chain insecurity, safety concerns and large carbon footprint make it non-ideal for grid-level storage. Sodium-ion is rapidly becoming a proven battery chemistry, offering clean and secure storage at a significantly lower cost and carbon footprint. With a clear opportunity to ensure affordable energy, Peak Energy is moving fast to industrialize sodium-ion, with a target to lower energy storage costs by up to 50 percent.

"Sodium-ion is the key to unlocking the potential of renewable energy and will finally enable power providers to fully decarbonize the grid," said Landon Mossburg, co-founder and CEO of Peak Energy. "The timing could not be better to build a company in this space, and we already have momentum with key customers and partners like Doral Energy. There is a massive opportunity for the United States to emerge as the global leader in sodium-ion production and deployment, and Peak Energy is at the forefront of that effort."

The Global Race to Win the Sodium-Ion Market

Due to its high energy density, lithium ion has become the dominant battery chemistry across several massive and growing market segments, including mobile devices and electric vehicles, driving unprecedented lithium demand and pricing volatility. Meanwhile, most of the world's lithium extraction and battery manufacturing exists outside of the U.S., adding levels of geopolitical, supply chain and sourcing complexities that impact the cost and availability of energy storage for Independent Power Producers (IPPs) and electric utilities. With the U.S. having already ceded leadership on lithium-ion innovation and investment to other countries, it's critical that it invests in, and leads on, the battery chemistries of tomorrow. Sodium-ion, a stable and proven battery chemistry that offers cost, sourcing, safety and emission advantages over lithium ion, is one such chemistry. With wide scale abundance of source materials and a chemistry that produces less carbon emissions and makes it less prone to fires and other safety concerns, sodium-ion is a better alternative to lithium ion for stationary applications, such as grid-storage, and a technology that can help the U.S. take a leadership position in global battery manufacturing.

"The cost of energy is directly correlated to human progress — improving health outcomes, solving food scarcity and reducing poverty all depend on access to low-cost energy," said Greg Reichow, Partner at Eclipse. "For the U.S. to become a global leader in renewable energy, we cannot afford to place the wrong bets — we must invest in the ventures and the people who have demonstrated they can get to scale quickly, and Peak's founding team brings an unprecedented level of credibility and experience to Peak's mission."

A Team with a Track Record of Going from Zero to Scale in Batteries

Peak Energy's founding team has a track record of scaling some of the most iconic companies in energy, mobility and batteries, including Tesla, Northvolt and Enovix. Mossburg has over ten years experience scaling manufacturing capacity at Tesla and Northvolt. Most recently he led Northvolt's North America expansion. Prior to that, he served as the company's Chief Automation Officer helping to scale Northvolt's European operations and developing the company's cell manufacturing technology and factory software. Mossburg was an Engineering Director at Tesla previously, where he worked on projects ranging from vehicle and battery connectivity to factory automation. Peak's President and Chief Commercial Officer Cameron Dales most recently served as Operating Partner at Eclipse and before that he served as General Manager and Chief Commercial Officer at Enovix. At Enovix, he was part of the founding team responsible for building the infrastructure and technology behind the company's leading high-density batteries. He oversaw business expansion across three continents and was instrumental in the company's public debut in 2021.

"Peak's founders have identified a cost-effective, safe solution with a deployment strategy that enables quick execution and sustainable growth for sodium-ion battery innovation," said Anil Achyuta, Managing Director at TDK Ventures. "Peak Energy has an opportunity to dominate this market, and we're looking forward to partnering with the entire team to accelerate and expand access to affordable, clean storage solutions."

Beginning in 2025, Peak Energy will start deploying its sodium-ion systems, while simultaneously building a domestic, giga-scale battery factory with plans to open in 2026. The initial round of financing will allow the team to accelerate product development, lay the groundwork for building out manufacturing in the U.S. and acquire strategic talent to push the mission forward.

For more information on Peak Energy, visit www.peakenergy.com.

About Peak Energy
Founded in 2023, Peak Energy is a U.S.-based company developing low-cost, giga-scale energy storage technology to accelerate the renewable energy transition. Founded by industry veterans from Tesla, Northvolt and Enovix, the company is on a mission to accelerate grid decarbonization while drastically lowering the cost of energy storage and establishing the U.S. as a global leader in the sodium-ion market. For more information, visit www.peakenergy.com.

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SOURCE Peak Energy