Ørsted Secures Tax Equity Financing for Solar and Energy Storage Portfolio

Bedrock Materials, a startup that designs and develops sodium-ion cathode materials, secured $9 million in seed funding. The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures.

Additional investment was provided by Hanover Technology Investment Management, SpaceCadet Ventures, Brainstorm Capital, Evergreen Climate Innovations, Expansion VC, Climate Capital, Quest Venture Partners, Meliorate Partners, Valia Ventures, Ritual Capital, as well as several individual angels.

Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries. Last month, the company began R&D scale production of battery precursor materials at its facility in Near West Chicago. Plans are underway to open a larger, permanent site later this year.

“As the lower cost option, sodium-ion will gain a meaningful share of the very large and fast-growing battery industry. Chicago is the ideal place to develop and scale this technology due to its proximity to world-class national labs and universities and our city’s heritage in manufacturing and logistics.” Said Paul Seidler, Managing Director at Evergreen Climate Innovations.

The company also secured an incentives package from the Illinois state government under the Reimagining Electric Vehicles in Illinois Act, contingent upon achieving specific job creation and capital investment targets.

“Illinois is home to one of the most robust EV ecosystems in the nation, and I’m thrilled to welcome Bedrock Materials to our great state,” said Governor JB Pritzker. “Their research and development headquarters will join our growing EV supply chain, bringing innovation and job creation to our EV economy.”

Professor Shirley Meng of the University of Chicago commented, “It is truly exciting that the State of Illinois can attract startup companies like Bedrock Materials to be part of the cleantech community. The innovation ecosystem is growing, and we look forward to collaborating with and supporting startups.”

According to Mercom’s Q1 2024 Funding and M&A Report for Storage & Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.

Peak Energy, a sodium-ion battery manufacturer, has recently secured $10 million in a funding round led by Eclipse, with significant participation from strategic partner TDK Ventures. The financing will help the company develop its sodium-ion battery solutions and lay the groundwork for building out manufacturing in the U.S.