For Deeya Energy, good things come in threes. The Fremont, Calif.-based startup, which is working on energy storage technology for three applications — replacing diesel generators, stockpiling renewable energy, and stabilizing the electric grid — has just closed a third round of financing. The oversubscribed $30 million round brings Deeya’s total venture capital investment since its founding in 2004 to $53 million.
New investor Technology Partners — which has also backed Abound Solar and Tesla Motors — led the round, and existing investors BlueRun Ventures, Draper Fisher Jurvetson and New Enterprise Associates also joined. At this point, the company says it plans to use the new investment to expand operations and ramp up production of its so-called L-cell technology. Deeya’s modular devices (pictured) are an example of flow battery tech — they use large tanks full of dissolved electrolytes to store power at utility scale.
Large-scale energy storage is getting to be a crowded space these days. Fellow startups EEstor, Altairnano and A123Systems are all looking to connect high-capacity, fast-charging energy storage devices to the energy grid. To be sure, updating the electric grid to make better use of wind and solar resources (which can’t be called up on demand like a coal-fired power plant) remains a work in progress. But the idea is to store excess energy generated at night or during other periods of low demand, and then deploy that clean power when demand spikes instead of firing up polluting power plants.