Peak Energy's $108 million financing puts its planned Sacramento factory in focus as the company seeks to manufacture sodium-ion battery systems for grid and data center customers in the United States.
General Motors Ventures led the oversubscribed Series B, whose closing Peak announced Oct. 21. LG Technology Ventures, Xora Innovation, Eclipse, Infinite Capital and Maverick Silicon also participated. Peak plans to use the funding to expand U.S. production and develop its data center business.
Peak reports more than $1 billion in customer commitments. The figure does not distinguish binding orders from commercial agreements or optional future purchases, so it should not be read as a total of firm deliveries. One disclosed agreement, with Jupiter Power, includes an option for additional systems.
Under that agreement, Peak plans to supply Jupiter with about 720 megawatt-hours of systems in 2027. Jupiter can choose to take a further 4 gigawatt-hours from 2028 through 2030. In February, Energy Vault announced a separate definitive agreement for 1.5 gigawatt-hours of Peak systems, alongside a plan to develop storage for AI-focused data centers.
Peak says its planned Sacramento facility is designed to produce up to 4 gigawatt-hours of storage systems a year. That is its intended capacity, not current output. Peak said California awarded it a $10.5 million tax credit in May to support the expansion. The company projected 239 local jobs over the 18 months following its July 8 factory announcement.
General Motors and Peak announced a partnership in June to develop sodium-ion cells for grid storage. GM holds exclusive rights to manufacture the jointly developed cells, which Peak plans to use in its systems.
Peak projects energy costs as much as 20% below those of conventional storage systems, citing a design that does not require active cooling. General Motors has said cooling equipment adds hardware and maintenance needs for stationary storage.
Peak expects production and shipments from the Sacramento facility to begin in the first quarter of 2027.
