Shell Ventures co-led a $7.6 million Series-A round of funding for ice storage provider Axiom Energy.
Shell and GXP Investments co-led the round, which also included WorldQuant Ventures, SV Tech Ventures and Meson Capital.
Axiom’s Refrigeration Battery uses the existing refrigeration system of a supermarket or cold storage facility to ‘store cooling’ at night by freezing tanks of salt water when electricity costs are low. The Refrigeration Battery ‘discharges’ during peak electricity pricing periods by providing uninterrupted cooling services to the facility
“Axiom’s Refrigeration Battery platform transforms large, inflexible refrigeration systems into intelligent, flexible, long-duration batteries, it plans to add grid services to its battery.”
This investment will position Axiom as the energy industry’s gateway to the cold chain as it is a unique power management platform designed for refrigerated facilities.