Peak Energy secures $108 million to expand sodium-ion storage

Peak Energy has raised $108 million in an oversubscribed Series B financing round to scale the domestic manufacturing of its sodium-ion energy storage systems. The funding round was led by General Motors Ventures, with participation from Maverick Silicon, Infinite Capital, Eclipse, Xora Innovation, and LG Technology Ventures.

Founded in 2023, the company develops passively cooled sodium-ion storage designed for grid-scale applications, aiming to provide a lower-cost alternative to lithium-ion technology for utilities and data centers. Peak Energy has secured over $1 billion in commercial agreements with entities including Jupiter Power, RWE, and Energy Vault.

The company plans to utilize the capital to support its 4 GWh manufacturing facility in Sacramento, California, which is slated to begin production in the first quarter of 2027. This follows a partnership with General Motors to develop next-generation sodium-ion battery cells.