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Kind Power closed a $450 million Sequence E fundraising spherical yesterday to proceed its work turning iron into rust.
The spherical was led by TPG Rise Local weather and joined by new buyers GIC and Canada Pension Plan Funding Board. Current buyers ArcelorMittal, Breakthrough Power Ventures, Capricorn Funding Group, Coatue, Power Influence Companions, The Engine, NGP ETP, Temasek, Prelude Ventures and VamosVentures supplied follow-on capital.
Such massive rounds have gotten commonplace within the battery trade as startups transition from analysis and growth to manufacturing and commercialization.
Kind is one among many battery tech firms which have popped up over the previous decade, although it’s taking a unique tack from many others. The place most firms are specializing in lithium ion-related chemistries, the startup has been pursuing iron-air batteries. Which means its cells don’t depend on costly and supply-constrained minerals like lithium, cobalt or nickel. Kind will begin business manufacturing in late 2024, and it’s aiming to finally produce its battery packs for lower than $20 per kWh.
If the corporate can hit its goal, it might hasten the shift towards renewable energy. Already, photo voltaic and wind are price-competitive with fossil gas crops, and in some instances they’re cheaper than working current pure gas-fired crops. Including cheap storage to comprise low-cost energy would make renewables aggressive in additional places.
Kind already has a contract with Nice River Power in Minnesota to put in a 150-MWh battery, and it’s working with Southern Firm to discover an identical pilot in Georgia.
It’s one among a rising variety of battery firms which can be ignoring EVs in favor of different markets which can be key to the power transition. Kind’s batteries are heavy and huge, but in addition cheap and long-lasting, all qualities that are perfect for storing extra renewable power.
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