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Trinity Capital, CapX Partners Close $20MM Venture Debt Loan to Aquion Energy

May 13, 2014, 07:08 AM
Filed Under: Manufacturing

Trinity Capital Investment (Trinity) and CapX Partners (CapX) announced their recent collaboration and closing of a $20 million venture debt loan to meet the existing and future debt financing needs of Aquion Energy, Inc. (Aquion), an early stage energy storage company with a disruptive battery technology.

Aquion was searching for a new lender to refinance its existing debt structure as well as provide additional working capital to complement their recently raised equity. In January 2014, Aquion closed a $55 million Series D round of equity funding to continue the commercialization of its proprietary Aqueous Hybrid Ion (AHI™) battery technology. The equity funding was provided by new investors including, Bill Gates, Yung’s Enterprise, Tao Invest, Bright Capital, and Gentry Venture Partners, bringing the company’s total invested capital and grants to more than $100 million.

First identified by noted venture capital investors Kleiner Perkins, Advanced Technology Ventures and Foundation Capital, Aquion’s advanced battery technology has been developed into a highly scalable, safe and cost-competitive energy storage solution with significant market opportunity in off-grid and micro-grid, energy management, and grid-scale storage applications worldwide.

Trinity and CapX partnered together to deliver a $20 million credit facility that includes an interest only period to assist Aquion with its cash flow and continued commercialization of its energy solutions while providing the flexibility for additional debt capital in the future.

John Connolly, Chief Financial Officer of Aquion commented, “We value the new partnership with Trinity and CapX and appreciate their confidence in Aquion’s team and innovative technology. The Trinity and CapX team carefully considered our financing needs and structured a solution that met our requirements. The new credit facility along with the Series D financing round provides the growth capital to continue building and scaling the company.”

“We believe Aquion’s energy storage technology has the potential to affect the way the world is powered by reducing fuel consumption and providing energy access and storage for a wide variety of applications,” said Steve Brown, Managing Partner, Trinity Capital Investment. “We are pleased to have teamed up with CapX, an experienced leader in the industry, to syndicate and close this $20 million venture debt loan to Aquion.”

“CapX appreciates Trinity Capital for reaching out and offering us the opportunity to assist Aquion in this very important phase of the Company’s growth. Our underwriting and approval came together efficiently due to the experience and professionalism of the Aquion management team as well as the continued support of the strategic venture investors. CapX looks forward to Aquion successfully solving important energy storage needs in the US and abroad,” stated Jeffry Pfeffer, Managing Partner, CapX Partners.

Trinity Capital Investment is a leading provider of venture loans and leases for emerging growth companies.

Founded in 1999, CapX Partners is a specialty finance company that focuses on private equity and venture backed portfolio companies looking for debt financing in the $2 million to $20 million range. CapX provides senior and mezzanine debt including lease lines and favors manufacturing, distribution, technology, energy and healthcare industries with an emphasis on revenue producing fixed assets.

Aquion Energy manufactures proprietary Aqueous Hybrid Ion (AHI™) batteries and battery systems for stationary energy storage applications. AHI batteries are optimized for off-grid and microgrid systems, energy management, and grid-scale applications. Aquion’s high-performance, safe, sustainable and cost-effective batteries deliver industry-leading value for customers. Aquion’s battery systems provide flexible, modular energy storage that optimizes existing generation assets and enables broad adoption of renewable energy technologies such as wind and solar.

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