Axiom Exergy develops Refrigeration Battery® technology that enables commercial and industrial refrigeration systems to operate intelligently via cloud-connected power management. The company offers Storage-as-a-Service to supermarkets and commercial buildings to access high refrigeration-based energy loads. Led by CEO and co-founder Amrit Robbins, Axiom targets grocery stores and cold storage facilities with its thermal energy storage solutions. The firm intends to scale these solutions in large, multi-site rollouts and begin rolling out additional Refrigeration Battery features such as grid services. Axiom recently raised $7.6M in a Series A, bringing total funding to date to $12.5M. Previous investors include Tesla CTO JB Straubel, Larry Mohr, Seabed VC and the Stanford-StartX Fund. Axiom Exergy develops the Refrigeration Battery, a modular, retrofit thermal energy storage system that freezes a tank of salt water at night to ‘store cooling’ and supply refrigeration services during peak hours. The system operates in parallel with existing refrigeration equipment, enabling more than six hours of load shifting without physical or programming changes to existing systems. Axiom says the Refrigeration Battery can reduce peak energy demand by up to 40 percent and provides backup cooling to protect perishable inventory during outages. The company targets supermarkets, food distribution centers, cold storage facilities and utilities seeking behind-the-meter, long-duration storage for congestion management. Axiom reports a growing pipeline with over $5 million in orders and offers no-money-down financing so hosts can save from day one. The company plans to use recent funding to scale deployments, expand the project development team, advance product development and testing, and run early pilots with major grocery chains in California.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

May 2018