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§ Private Profile · Pittsburgh, PA, USA
Manufactures Aqueous Hybrid Ion (AHI) batteries for renewable energy, off-grid, and microgrid stationary energy storage.
Based in Pittsburgh, Pennsylvania, Aquion Energy develops and manufactures Aqueous Hybrid Ion (AHI) saltwater batteries for long-duration stationary energy storage and renewable energy integration. The organization produces non-toxic, non-flammable battery systems utilizing carbon composites and manganese oxide to support grid-connected, off-grid, microgrid, telecom, and commercial applications. Prior to filing for Chapter 11 bankruptcy in March 2017 due to manufacturing scaling challenges, the enterprise raised approximately $190 million in early venture capital funding from prominent investors including Bill Gates, Kleiner Perkins, and Shell. In June 2017, the business was acquired out of bankruptcy for $9.16 million by Juline-Titans LLC, an entity linked to China Titans Energy, which subsequently restructured operations and shifted its manufacturing focus overseas. Aquion Energy was originally spun out of Carnegie Mellon University laboratories and founded in 2008 by chief scientist Jay Whitacre.
Aquion Energy has raised $196.6M across 7 funding rounds.
Aquion Energy has raised $196.6M in total across 7 funding rounds.
Aquion Energy has raised $196.6M in total across 7 funding rounds.
Aquion Energy's investors include Jeffry Pfeffer, Steve Brown, Foundation Capital, G20 Ventures, Signal Peak Ventures, UP.Partners, Andy Sessions, Bill Gates, Advanced Technology Ventures, Mikhail Chuchkevich, Gentry Venture Partners, Ray Lane.
Aquion Energy is a technology company specializing in sustainable energy storage, developing Aqueous Hybrid Ion (AHI) batteries—non-toxic, saltwater-based sodium-ion batteries designed for grid-scale, residential, commercial, and off-grid applications[1][2][3][4]. These batteries address the problem of safe, cost-effective, long-duration energy storage for renewable integration, serving utilities, businesses, and remote locations where lithium-ion alternatives pose toxicity or cost risks[1][2][4]. Despite early promise with nearly $200 million raised and commercial shipments starting in 2014, the company filed for bankruptcy in 2017 due to high manufacturing costs and falling lithium-ion prices, but revived under new ownership with ambitions to scale into a billion-dollar enterprise[2][3][5].
Aquion Energy originated in 2007 when Dr. Jay Whitacre, a materials science expert from Carnegie Mellon University, began researching low-cost electrochemical energy storage, producing the first AHI battery prototype in 2008[1][2]. Backed by venture firms like Kleiner Perkins Caufield & Byers and Advanced Technology Ventures, the technology spun out of university labs in 2009, relocating to Pittsburgh's Lawrenceville neighborhood[1]. Under CEO Scott Pearson, low-volume production started in 2011, followed by a full-scale facility in East Huntingdon, Pennsylvania, in 2012; commercial shipments began in mid-2014 after shipping initial units[1][3]. High-profile investors including Bill Gates fueled growth, but financial pressures led to bankruptcy in March 2017, asset sale to a Chinese firm, and revival under new CEO Philip Juline[2][3].
Aquion rides the renewable energy storage trend, capitalizing on solar and wind intermittency by enabling stable grid integration amid global clean energy mandates[1][2][3]. Timing was challenged by rapid lithium-ion price drops (from ~$300/kWh to projections of $73/kWh by 2030), which eroded competitiveness despite AHI's safety edges, highlighting market forces favoring incumbents over emerging tech[3][5]. Policy shifts, like reduced U.S. federal clean-energy funding under the Trump administration, compounded funding woes[5]. Aquion influences the ecosystem by pioneering non-lithium alternatives, inspiring safer storage innovations and demonstrating revival potential post-bankruptcy[2][3].
Aquion's path from bankruptcy to resurgence underscores the high-stakes energy storage race, where technological promise must outpace commoditized lithium declines. Next steps likely involve ramping manufacturing under new leadership to hit scale, targeting off-grid and emerging markets less dominated by lithium[3]. Trends like rising demand for non-toxic, recyclable batteries—driven by ESG regulations and supply chain vulnerabilities—could propel growth, potentially evolving Aquion into a key player in sustainable grids if it achieves cost parity[3][5]. This saltwater innovator reminds us that in cleantech, resilience often follows bold origins.
Aquion Energy has raised $196.6M across 7 funding rounds. Most recently, it raised $24.6M Other Equity in October 2014.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 3, 2014 | $24.6M Venture Round | — | — | Announced |
| Sep 1, 2014 | $37M Series E | — | — | Announced |
| May 12, 2014 | $20M Debt Financing | Jeffry Pfeffer, Steve Brown | — | Announced |
| Jan 1, 2014 | $20M Series D | — | Foundation Capital, G20 Ventures, Signal Peak Ventures, UP.Partners, Andy Sessions, Bill Gates, Advanced Technology Ventures, Mikhail Chuchkevich, Gentry Venture Partners, RAY Lane, Nicholas Pritzker, Yung's Enterprise | Announced |
| Apr 1, 2013 | $35M Series D | — | Foundation Capital, G20 Ventures, Signal Peak Ventures, UP.Partners, Andy Sessions | Announced |
| Sep 7, 2011 | $30M Venture Round | Steve Vassallo | Bill Wiberg, Kleiner Perkins, TriplePoint Capital | Announced |
| Sep 1, 2011 | $30M Series U | Foundation Capital | G20 Ventures, Signal Peak Ventures, UP.Partners, Andy Sessions, Advanced Technology Ventures, Kleiner Perkins, TriplePoint Capital | Announced |