Pittsburgh-based Aquion Energy has closed on $20 million of a proposed $29.9 million financing round, according to a filing with the Securities & Exchange Commission.
The company, formed in 2008, develops stationary energy storage technology. Aquion’s founder and Carnegie Mellon University professor Jay Whitacre has partnered with venture firm Kleiner Perkins Caufield & Byers from the beginning, working with the firm’s Bill Joy and David Wells to license Whitacre’s technology from Carnegie Mellon. Initially named 44 Tech Inc., the company sealed a round of venture funding in the fall of 2009, as well as a Department of Energy grant. The company renamed itself Aquion last year.
Foundation Capital is apparently a new backer for the company. Steve Vassallo, general partner at Foundation Capital, is listed in the SEC filing as a new director for the company. Aquion’s board also includes Ray Lane and Jan van Dokkum of KPCB.