Polaris Pumps Another $1M into Energy Storage Company

Nov 29 2009 | 8:37pm ET

Polaris Venture Partners has invested an additional $1 million in MIT spinout Sun Catalytix Corporation, bringing its total investment to $3 million.

In addition, Sun Catalytix has licensed water-splitting catalysis patents developed by its co-founder, Daniel G. Nocera, from the Massachusetts Institute of Technology (MIT).

Sun Catalytix is developing inexpensive and efficient catalyst technologies for storing solar energy to make it available when the sun is not shining. The catalysts mimic photosynthesis by using energy, captured from a photovoltaic cell or other source, to split water into hydrogen oxygen.

The company says its electrolyzers are different from conventional technology in that they can use a broad range of water sources – including unpurified fresh or salt water – in benign conditions and at low costs.

According to Nocera, “Sun Catalytix opportunities are in proliferating high-volume, low-cost electrolyzers in a decentralized fashion, rather than in improving today’s expensive, large-scale electrolyzers.”

“This investment supports the development of technology that will make affordable, renewable energy a reality,” said Amir Nashat, general partner at Polaris and Sun Catalytix founding CEO.

In addition to Nocera and Nashat, the Sun Catalytix team includes Polaris general partner Bob Metcalfe and former Ionix CEO Arthur L. Goldstein.

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