Peak Energy raises $108M as GM Ventures leads its sodium-ion storage round

Peak Energy, which develops passively cooled sodium-ion storage systems for the grid, said on October 21, 2026 it has closed an oversubscribed Series B led by General Motors Ventures, bringing in $108 million in new financing. Maverick Silicon, Infinite Capital, Eclipse, Xora Innovation and LG Technology Ventures also took part.

The money has three jobs, per the company: scale domestic manufacturing, fulfill over $1 billion in existing customer orders, and launch its product to the data center market "where access to power has become the primary constraint on growth." The manufacturing is a 4 GWh factory in Sacramento, unveiled in July 2026 and set to start production in the first quarter of 2027.

Jupiter Power, RWE and Energy Vault are among the customers behind the more than $1 billion in business Peak says it has secured, a figure the release calls orders, commitments and agreements in turn without splitting it.

For GM this is a second helping. GM Ventures already invested in June 2026, when Peak announced a partnership with GM to jointly develop next-generation sodium-ion cells for the storage market, drawing on GM's US battery cell industrialization expertise. Kevin McCabe, president of GM Ventures, said the unit sees the technology as having "significant potential in the energy storage market as a safe, cost-effective solution using abundant, domestically sourced materials." It is not GM's first brush with storage cells: Ultium Cells' Spring Hill plant, GM's joint venture with LG Energy Solution, said in July 2026 it had begun producing LG Energy Solution's JF2 LFP cells for energy storage systems, which LG Energy Solution Vertech builds into complete US-made systems.

Peak's pitch is subtraction: no cooling systems, zero planned maintenance, no water and virtually no noise. It says the simpler architecture can reduce the cost of energy by up to 20% compared with conventional storage systems.