Peak Energy has raised 108 million dollars in an oversubscribed Series B funding round led by General Motors Ventures, with Maverick Silicon, Infinite Capital, Eclipse, Xora Innovation and LG Technology Ventures also participating. The company develops passively cooled sodium ion battery energy storage systems and will use the funds to expand domestic manufacturing, fulfil more than 1 billion dollars of existing customer orders and enter the data centre market.
The round follows a June partnership with General Motors to jointly develop sodium ion battery cells for energy storage, which will also draw on GM’s US battery cell industrialisation expertise for Peak’s manufacturing plans. In July Peak announced a 4 gigawatt hour battery manufacturing facility in Sacramento, California, scheduled to begin production in the first quarter of 2027. Its 2024 Series A raised 55 million dollars led by Xora Innovation, Temasek’s early stage deep tech platform.
Maverick Silicon managing director Kenneth Safar said the firm had spent considerable time on the growing power requirements around AI infrastructure and concluded energy storage will be an increasingly important part of the solution, citing Peak’s focus on the full system from chemistry and design through manufacturing and deployment.
Sodium ion’s pitch is cost and supply chain: sodium is abundant and the chemistry avoids lithium, nickel and cobalt exposure, at lower energy density that matters less for stationary storage than for vehicles. A carmaker’s venture arm leading the round of a stationary storage maker, with a factory dated and an order book claimed above 1 billion dollars, is the clearest signal yet that the chemistry has industrial sponsors, not just researchers.