Battery energy storage startup Deeya Energy has raised $15 million in a Series B funding. The Fremont, Calif-based company confirmed the funding with us, which was reported by VentureWire and noted by PeHub.com.
The round was led by New Enterprise Associates and included previous investors Draper Fisher Jurvetson, DFJ Element and Blue Run Ventures. Deeya is developing battery storage technology called “L-Cell,” which CNET describes as “flow battery” technology. Deeya touts L-Cell as cheaper than lead-acid, NiMH, and lithium-ion batteries, as well as what it calls “fuel cell options,” and the company is looking to use their L-Cells to serve as backup power sources, replacing the diesel generators used in many places for continuous power.
Flow batteries use large tanks full of dissolved electrolytes to store power on an industrial scale. Deeya says that the technology can supply 2-50 kVA of power, or 20 to 50 thousand watts, for anywhere from four to 24 hours. The cleantech application could help to smooth out the fluctuating nature of renewable power sources like wind and solar.
The L-Cells can supposedly store electricity when the wind is blowing or the sun is shining and then discharge it at peak hours, when electricity is most needed and most expensive. Currently, battery storage options on the utility-level are prohibitively expensive. The company Deeya promised details about the battery technology in a forthcoming press release.