Natron Energy Raises $35 Million in Series D Financing to Expand Sodium-Ion Battery Commercialization
Funding from ABB Technology Ventures, NanoDimension Capital and Volta Energy Technologies enables Prussian Blue battery developer to meet global data center and telecom industry demand for safe, sustainable batteries
SANTA CLARA, Calif.–(BUSINESS WIRE)–Natron Energy, the world’s leading developer and supplier of high-power, long-life and low-cost Sodium-ion batteries using Prussian Blue chemistry, announced today that it has raised $35 million in Series D funding to further its product operations to meet market demand. ABB Technology Ventures, NanoDimension Capital and Volta Energy Technologies co-led the round, with existing investors Chevron, Khosla Ventures and Prelude continuing their participation in funding.
“Our customers in the data center and telecom markets value the safety, sustainability and performance of our sodium-ion batteries,” said Colin Wessells, Natron’s CEO and co-founder. “This funding round allows Natron to accelerate production to serve the increasing demand for safe, fire code compliant alternatives to both lithium and lead batteries.”
Natron’s battery products address new “edge” and distributed computing infrastructure environments, hyperscale data centers, telecom, network and industrial applications—where customers and partners are integrating Natron’s technology into their critical infrastructure systems.
“Natron Energy is a great addition to the ABB Technology Ventures investment portfolio and for ABB’s business lines. Its technology helps enable safe, smart and sustainable electrification, and we believe the company is well-positioned for growth within the already enormous data center infrastructure market. Given the recent introduction of NFPA 855 fire codes and testing of battery systems for UL9540a, Natron’s combination of high power, safety and sustainability is more important than ever,” said Thomas Vogel, Vice President, ABB Technology Ventures.
Recent National Fire Protection Association 855 fire codes mean that safe, sustainable battery technology is in particularly high demand among the growing data center market. Natron’s battery technology enables energy storage products that are both higher-powered and safer than traditional options—with none of the fire, explosive gas or thermal runaway risks associated with lithium or lead batteries. Natron’s batteries are 1973 recognized by UL (Underwriters Laboratories), the definitive third-party evaluation of energy storage safety, reliability and performance.
Just like their energy storage technology, Natron’s production methods are cost-effective and sustainable. Natron builds its batteries using commodity materials on existing cell manufacturing lines—meaning that no new factories are required to manufacture their technology. Natron’s batteries can be produced with locally-sourced materials around the globe, and its technology can be applied across multiple sectors.
“Natron is an ideal addition to Volta Energy Technology’s investment portfolio of technologies and businesses that will enable the ubiquitous adoption of both renewable power generation and electric vehicles,” said Volta founder and CEO Jeff Chamberlain. “Natron’s technology is not only ideally suited to the data center industry; it has immense potential to have grid-level impact. We are pleased to join ABB Technology Ventures, Chevron, NanoDimension Capital and Prelude in this smart investment in the future of energy storage.”
The series D investment pushes Natron’s total funding since inception past $70 million, and will increase the commercialization of Natron’s sodium-ion battery up to 10 times by 2021.
About Natron Energy
Natron Energy’s mission is to transform industrial and grid energy storage markets by providing customers with lower cost, longer lasting, more efficient, safer batteries. Natron’s battery products are based on a unique Prussian blue chemistry and can integrate into a wide variety of energy storage applications ranging from critical backup power systems to EV fast charging and behind-the-meter applications. Natron’s batteries are UL 1973 recognized, offer higher power density, faster recharge and significantly longer cycle life than other energy storage technologies. Natron builds its batteries using commodity materials on existing cell manufacturing lines. To learn more, visit www.natron.energy.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the venture capital unit of ABB (NYSE: ABB). Since its formation in 2009, ATV has deployed more than $200 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, cybersecurity, electric mobility, smart buildings and distributed energy. Learn more at www.abb.com/ventures.
About NanoDimension Capital
NanoDimension is a leading venture capital firm investing in disruptive technologies in and at the convergence of the life and physical sciences. NanoDimension focuses on early stage opportunities in the US and Europe led by exceptional entrepreneurs.
About Volta Energy Technologies
Volta Energy Technologies identifies and invests in battery and energy storage technology after performing deep diligence with the support of unparalleled global research institutions. Seeded by strategic corporate investors, Volta connects innovators with investors and relevant industries that are adopting energy storage technology, delivering strategic returns for all. To learn more, visit www.plusvolta.com and follow @VoltaLink on Twitter.