Energy-Storage Developer Aquion Gets $25 Million in Equity Round

Sept. 29 (Bloomberg) — Aquion Energy Inc., the energy-storage developer backed by Bill Gates, received about $25
million from eight investors in its latest equity round.

The Pittsburgh-based company was seeking approximately $33
million, according to a filing today with the U.S. Securities
and Exchange Commission. Phone messages left for Elizabeth Pond,
a company spokeswoman, weren’t immediately returned.

The closely held company received a $20 million loan to
refinance existing debt in May, and Chief Executive Officer
Scott Pearson said then he may seek additional capital this
year.

Aquion, which makes stackable units that use saltwater to
conduct electricity, has raised more than $100 million from
investors including Kleiner Perkins Caufield & Byers.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Robin Saponar

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