Peak Energy, a sodium-ion battery manufacturer, has raised $108 million in an oversubscribed Series B funding round led by General Motors Ventures to expand its sodium-ion battery manufacturing operations.

Maverick Silicon, Infinite Capital, Eclipse, Xora Innovation, and LG Technology Ventures also participated in the funding round.

The company, which develops passively cooled sodium-ion battery energy storage systems, will use the funds to expand domestic manufacturing, fulfill more than $1 billion in existing customer orders, and enter the data center market.

“We spent a lot of time looking at the growing power requirements around AI infrastructure, and it became clear that energy storage is going to be an increasingly important part of the solution. Peak is taking a differentiated approach to sodium-ion, with a focus on the full system from chemistry and design through manufacturing and deployment at scale,” said Kenneth Safar, Managing Director at Maverick Silicon. “The combination of strong technical progress, growing customer engagement and a large end market gives Peak an opportunity to build a defining platform in energy storage. We’re excited to support the team as they scale.”

The funding follows the company’s announcement of a partnership with General Motors in June to jointly develop sodium-ion battery cells for energy storage applications. The partnership will also draw on General Motors’ U.S. battery cell industrialization expertise to support Peak Energy’s manufacturing plans.

In July, Peak Energy announced a 4 GWh battery manufacturing facility in Sacramento, California. The facility is scheduled to begin production in the first quarter of 2027.

In 2024, the company secured $55 million in a Series A funding round led by Xora Innovation, Temasek’s Early-Stage deep-tech investing platform. This round also involved investors, including Lachy Groom, Tishman Speyer, TechEnergy Ventures, Doral Energy-Tech Ventures, DETV-Scania Invest, and existing investor Eclipse and strategic partner TDK Ventures.

According to Mercom’s 1H 2026 Funding and M&A for Energy Storage report, VC funding for energy storage companies in 1H 2026 totaled $1.6 billion across 51 deals, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.