Foundation Capital, KPCB Back Aquion Energy

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.

Leave a Reply

PEHUB Community

Join the 12506 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget