$7.6m funding for Refrigeration Battery
9th May 2018
USA: Energy storage company Axiom Exergy has raised $7.6m in Series A funding, for a total of $12.5m raised to date.
Axiom Exergy’s Refrigeration Battery reduces peak energy demand by up to 40% and shifting electricity consumption to off-peak hours when it is less expensive.
Using the store’s existing refrigeration system, the Refrigeration Battery “stores cooling” at night by freezing tanks of brine when electricity costs are low. Then, during the day when electricity prices are high, the Refrigeration Battery discharges by providing uninterrupted cooling services to the facility rather than running the power-hungry central refrigeration systems.
The Refrigeration Battery is offered to customers via Axiom Exergy’s Savings-as-a-Service contract, requiring no upfront capital or out-of-pocket expenses for the life of the project. The technology has an estimated lifespan of 30 years.
The funding will allow Axiom Exergy to scale their thermal energy storage solution in large, multi-site rollouts at grocery stores and cold storage facilities. Additionally, Axiom says it plans to begin rolling out additional features of the Refrigeration Battery platform (such as grid services) and addressing new segments of the world’s cooling markets.
“As electricity grids and prices become increasingly unstable, inflexible refrigerated facilities find themselves in a difficult position,” said Amrit Robbins, CEO and co-founder of Axiom Exergy. “Utilities manage intermittent renewable generation and spiky electric vehicle charging loads through price signals to customers, and grocery stores are currently unable to respond to these price signals in a meaningful way.”
Axiom Exergy’s Refrigeration Battery is currently installed at both Walmart and Amazon (Whole Foods) stores.
Related stories:
Hillphoenix backs energy storage solution – 11 July 2017
USA: Leading retail refrigeration equipment manufacturer Hillphoenix is to work with Axiom Exergy to provide energy efficient thermal storage systems to US supermarkets. Read more…
Walmart to trial thermal storage – 16 November 2016
USA: Retailer Walmart is trialling a thermal storage systems at one of its stores in San Diego. Read more…
$2.5m funding for refrigeration battery – 3 August 2016
USA: Axiom Exergy, a California-based developer of thermal energy storage systems, has raised $2.5m towards the development of its Refrigeration Battery for grocery stores and cold storage facilities. Read more…
