Shell's Investing in a Cold Storage Battery Startup
Shell's Investing in a Battery Startup Targeting Grocery Stores
(Bloomberg) -- Royal Dutch Shell Plc’s corporate venture arm and GXP Investments led a $7.6 million investment in energy storage startup Axiom Exergy to expand its service to grocery stores and cold-storage facilities.
The round also included WorldQuant Ventures LLC, SV Tech Ventures and Meson Capital Partners LLC, according to a statement from the Richmond, California-based startup.
Axiom’s refrigeration battery freezes tanks of salt water at night when electricity costs are low and then provides cooling services during the day when power prices are high. The company says it can reduce peak energy demand by as much as 40 percent.
To contact the reporter on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net.
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe Ryan, Will Wade
©2018 Bloomberg L.P.