Battery maker VionX Energy lands $58M in funding
VionX Energy Corp., a Massachusetts-based battery maker formerly known as Premium Power Corp., has raised about $58 million in equity funding, according to a recent regulatory filing.
Based in North Reading, VionX raised the funding from a total of 11 investors, according to the filing. The date of round’s first securities sale is listed as June 3. Those listed on the filing include Lee Burrows, managing partner at VantagePoint Capital Partners; Brad Nordholm, CEO of Connecticut-based Starwood Energy Group; and Alan B. Dash, who serves as a senior vice president of Starwood.
The regulatory filing indicates VionX is seeking to raise a total of $63 million in the funding round.
The company’s battery — aimed at electrical grids — is an alternative to lithium ion technology and uses an approach called vanadium redox flow that makes the battery last longer.
Premium Power was founded in 2002.
Attempts to reach a VionX spokesperson for comment were unsuccessful.