Northern, WI 04/06/2013 (usastockreport) – The second richest man in the world, Bill Gates is working on a powerful plan. He has been in nitrous-mode since 2011 and has now invested for the third time in an energy storage startup. Gates now has an investment in the closely-held Aquion Energy Inc a battery-maker. According to a statement, Aquion just completed its first closing for a financing round of $35 million which included Gates’ investment as well. Scott Pearson the chief executive officer of Aquion is part of the Cascade Investment LLC fund via which Gates’ invests. He managed to rope in the Microsoft Corporation (NASDAQ:MSFT) (Current: $28.70, Up by 0.37%) founder and chairman for the Aquion investiture.
The ideal battery?
The Pittsburg-based battery-maker was founded in 2008 and has been involved in the development of storage batteries that are used in stationary applications such as for providing electricity backup when renewable energy like as solar or wind projects are unavailable. According to the company, their batteries are “environmentally benign” as they use saltwater instead of alkaline or acid. The batteries are not explosive, flammable or corrosive in nature and commercial production will begin at its east Pittsburg factory in the forth quarter. Apart from Aquion, Gates has investments in energy startups like Ambri Inc which was previously known as Liquid Metal battery Corp and LightSail Energy Inc.