Gates, Khosla back Liquid Metal Battery in $15M round
Cambridge, Mass.'s Liquid Metal Battery Corp. said Thursday it's raised $15 million for its Series B round, with backers including Bill Gates and energy firm Total.
The round was led by Khosla Ventures, whose partner Andrew Chung has joined the Liquid Metal Battery board.
The company is commercializing a new battery technology that aims to transform grid-scale electricity storage. The technology, which the company said "has the potential to cost significantly less than existing solutions," was invented in the lab of MIT professor Donald Sadoway.
Liquid Metal Battery said the new investment will allow the firm to bring its technology to market, for applications that include facilitating full integration of variable renewable generation like wind and solar; relieving grid congestion, reducing the need for power plants; and transmission and distribution infrastructure — "thereby reducing the cost of electricity."
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