Axiom Energy, backed by the Stanford-StartX Fund, has received series A capital from a consortium including corporates Great Plains Energy and Shell.
US-based refrigeration technology developer Axiom Energy raised $7.6m in a series A round on Wednesday from investors co-led by oil and gas company Shell and utility provider Great Plains Energy.
The two corporates participated through their respective investment units Shell Ventures and GXP Investments. They were joined by WorldQuant Ventures, SV Tech Ventures and Meson Capital.
Axiom Energy has developed technology to cool fridges in supermarkets and cold storage facilities at a reduced cost. Called Refrigeration Battery, the technology works by freezing tanks of salt water at night, when electricity costs are lower, and discharging the cold temperature throughout the day.
The company expects each battery to last for up to 30 years. The technology has been installed by two retailers, Whole Foods and Walmart.
The money will allow Axiom Energy to scale its offering to large, multi-site rollouts. It will also add additional features to the platform.
Axiom has raised $12.5m to date, according to the latest press release. The company secured $2.5m in funding in 2016 from the Element 8 Fund, Victory Capital, MIT Angels, Sierra Angels, assorted private investors and a range of undisclosed backers.
The Stanford-StartX Fund, backed by Stanford University, and Seabed VC were identified as existing shareholders in the latest press release, but details about their involvement could not be confirmed.
Vikas Gupta, venture principal of Shell Ventures, said: “Axiom’s Refrigeration Battery platform transforms large, inflexible refrigeration systems into intelligent, flexible, long-duration batteries.
“This could position Axiom as the energy industry’s gateway to the cold chain. We are excited to be supporting a unique power management platform designed for refrigerated facilities.”
