TDK Ventures invests in Peak Energy to advance sodium-ion energy storage solutions

• Peak Energy is accelerating sodium-ion battery (SIB) technology to the domestic energy storage system (ESS) market, targeting the country's growing need for 600 GWh of energy storage by 2030
• SIBs offer compelling benefits with the potential to be more economical, provide increased safety compared to lithium-ion, and offer a faster route to mass manufacturing with existing capabilities of current gigafactories
• The investment supports the maturation of green ESS technologies with the potential to both revolutionize and stabilize the market from fluctuating lithium prices

SAN JOSE, Calif., Oct. 4, 2023 /PRNewswire/ -- TDK Corporation (TSE: 6762) announced today that its subsidiary, TDK Ventures Inc., has invested in Peak Energy, a pioneering startup industrializing sodium-ion to accelerate the renewable energy transition. Peak Energy's groundbreaking approach provides innovative, resilient, and domestically sourced energy storage while offering a safety net against increasing energy demands, supply chain volatility, and climate change concerns.

As the United States' energy consumption has reached an all-time high – spurred by a large population, ambitious federal renewable energy goals, and the burgeoning electric vehicle (EV) market – it has an urgent technology gap for energy-storage solutions. By 2030, it is estimated that the United States will require a staggering 600 GWh of energy storage, translating into a market value of approximately $40 billion. However, existing solutions – primarily based on lithium-iron-phosphate (LFP) or nickel/manganese/cobalt (NMC) technologies – are plagued with a fragile international supply chain of lithium. Additionally, due to the fact that lithium ion is banned in New York, as well as a tendency to catch on fire, the country also faces the need for higher safety standards for grid-scale energy storage. Peak's sodium-ion-based energy storage systems present a safer solution for utility-scale storage customers and, more importantly, is part of a solution for the United States to modernize the grid.

Peak Energy has developed an innovative sodium-ion-based energy-storage solution that is expected to be more cost-effective, durable, and easier to mass produce domestically. Considered to be more abundant and less expensive, sodium is available in large reserves, particularly within the United States, which significantly relieves geopolitical risks tied to LFP or NMC supply-chain logistics. Moreover, the company focuses on creating batteries that match and potentially outperform existing technologies. Led by a veteran team of industry experts, including CEO Landon Mossburg (former President of Northvolt) and President and Chief Commercial Officer Cameron Dales (former CCO of Enovix that went public on NASDAQ), Peak Energy is well positioned to disrupt the energy-storage landscape with its focus on quickly establishing local supply chains, domestic gigafactory construction, and grid-scale production capabilities.

"Peak Energy aligns perfectly with TDK Ventures' strategic focus on both societal impact, sustainable progress, and venture-style financial return," said Nicolas Sauvage, President of TDK Ventures. "Their sodium-ion technology offers a transformational solution for energy storage, addressing both technical and logistical issues and setting the stage for a more sustainable and secure energy future. This is not just an investment, but a partnership geared toward positively reshaping the energy landscape."

"TDK's deep expertise in the battery space and extensive network made them an ideal partner for us," said Landon Mossburg, co-founder and CEO of Peak Energy. "With TDK Ventures' investment and support, Peak Energy is taking a major step towards our goal of building a scalable, resilient and domestically produced battery storage solution with substantial environmental and supply chain security benefits."

"There are strong market forces behind Peak Energy's mission to bring sustainable, affordable, giga-scale energy storage to the market, as is evidenced by key partners like TDK," said Ryan Gibson, Venture Partner at Eclipse. "The operational expertise we bring from Eclipse will quickly help propel Peak Energy to become the dominant player in sodium ion manufacturing, something the U.S. critically needs."

About TDK Corporation

TDK Corporation is a world leader in electronic solutions for the smart society based in Tokyo, Japan. Built on a foundation of material sciences mastery, TDK welcomes societal transformation by resolutely remaining at the forefront of technological evolution and deliberately "Attracting Tomorrow." It was established in 1935 to commercialize ferrite, a key material in electronic and magnetic products. TDK's comprehensive, innovation-driven portfolio features passive components such as ceramic, aluminum electrolytic and film capacitors, as well as magnetics, high-frequency, and piezo and protection devices. The product spectrum also includes sensors and sensor systems such as temperature and pressure, magnetic, and MEMS sensors. In addition, TDK provides power supplies and energy devices, magnetic heads and more. These products are marketed under the product brands TDK, EPCOS, InvenSense, Micronas, Tronics and TDK-Lambda. TDK focuses on demanding markets in automotive, industrial and consumer electronics, and information and communication technology. The company has a network of design and manufacturing locations and sales offices in Asia, Europe, and in North and South America. In fiscal 2023, TDK posted total sales of USD 16.1 billion and employed about 103,000 people worldwide.

About TDK Ventures

TDK Ventures Inc. invests in startups to bolster innovation in materials science, energy/power and related areas typically underrepresented in venture capital portfolios. Established in 2019 as a wholly-owned subsidiary of TDK Corporation, the corporate venture company's vision is to propel the digital and energy transformations of segments such as health and wellness, next-generation transportation, robotics and industrial, mixed reality and the wider IoT/IIoT markets. TDK Ventures will co-invest and support promising portfolio companies by providing technical expertise and access to global markets where TDK operates. Interested startups or investment partners may contact TDK Ventures: www.tdk-ventures.com or [email protected].

About Peak Energy

Founded in 2023, Peak Energy is a U.S.-based company developing low-cost, giga-scale energy storage technology to accelerate the renewable energy transition. Founded by industry veterans from Tesla, Northvolt and ENOVIX, the company is on a mission to accelerate grid decarbonization while drastically lowering the cost of energy storage and establishing the U.S. as a global leader in the sodium-ion market. For more information, visit peakenergy.com.

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