Shell Ventures this week co-led a $7.6 million Series-A round of funding for ice storage provider Axiom Energy, joining previous investor Telsa CTO JB Straubel.
Shell and GXP Investments co-led the round, which also included WorldQuant Ventures, SV Tech Ventures and Meson Capital.
Axiom’s Refrigeration Battery uses the existing refrigeration system of a supermarket or cold storage facility to ‘store cooling’ at night by freezing tanks of salt water when electricity costs are low. The Refrigeration Battery ‘discharges’ during peak electricity pricing periods by providing uninterrupted cooling services to the facility
“Axiom’s Refrigeration Battery platform transforms large, inflexible refrigeration systems into intelligent, flexible, long-duration batteries,” Vikas Gupta, Venture Principal of Shell Ventures, said. “This could position Axiom as the energy industry’s gateway to the cold chain. We are excited to be supporting a unique power management platform designed for refrigerated facilities.”
Axiom said it plans to add grid services to its battery.
Shell Ventures is a unit of Shell Global that invests in companies to advance new technologies that complement Shell’s business.
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