1955 Capital backs US-based Gridtential to expand in Asia

US and Chinese battery makers including East Penn Manufacturing, Crown Battery Manufacturing, Leoch International and Power-Sonic also participated in the round, along with existing backer The Roda Group. 

Gridtential combines the safety, recyclability and low cost of lead-acid batteries with the quick charging and long cycle life of lithium-ion technology. The technology is compatible with existing lead-acid battery infrastructure in applications such as automobiles, grid energy, and backup computer power supplies. With the new capital, Gridtential will accelerate development and commercialization of its technology.

"Gridtential's breakthrough approach to energy storage addresses the booming demand for vehicle electrification and grid-scale storage in China and other emerging markets, which fits our investment model here at 1955," said Chung in a statement. "It is rare to see so many leading battery producers cooperatively invest in a single company, which underscores the tremendous potential the industry sees in Gridtential's silicon joule battery technology in the US, China, and beyond."

1955 joins a growing number of investors seeking a stake in energy storage, which is expected to assume increasing importance due to growing adoption of electric vehicles and renewable energy.

SDIC Fund Management committed $47 million to US-listed energy storage and delivery solutions developer Maxwell Technologies earlier this year, while last November Asia Climate Partners invested $20 million in battery developer Fluidic Energy. Both investments were intended to help the target companies expand in Asia.

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