What made Aquion's battery technology different?

Aquion used a saltwater electrolyte (aqueous hybrid ion chemistry) instead of the flammable organic solvents in lithium-ion batteries. The result was a chemically benign, non-toxic battery that could be safely disposed of and operated in ambient conditions without thermal management systems.

Why did the lithium-ion cost decline destroy Aquion?

Aquion's entire business case relied on lithium-ion batteries remaining expensive ($400+/kWh). Tesla's Gigafactory and Chinese manufacturing investment drove lithium-ion costs to below $200/kWh by 2017 — faster than any credible forecast predicted — eliminating the price advantage Aquion's technology required.

Who invested in Aquion Energy?

Aquion attracted $190M from high-profile investors including Kleiner Perkins, Bill Gates (personal investment), Continental Resources, and Bright Capital. The company was considered a flagship portfolio company for green technology investment.

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// HALL OF FLAME · STARTUP AUTOPSY

Founded	2008
Closed	2017
Country	USA
Sector	Climate
Total raised	190
Collapse type	Bankruptcy

Aquion Energy

$190M

RAISED

—

EMPLOYEES

108

MONTHS

market collapseBankruptcy

// Fatal mistake: Competitive thesis depended on lithium-ion costs staying high; Tesla Gigafactory and Chinese manufacturing drove costs below Aquion's break-even point

Key Events Timeline

2008-01

FOUNDING

Aquion Energy founded

2012-06

LAYOFF

Market downturn forces cuts

2017-06

SHUTDOWN

Bankruptcy: Aquion Energy ceases operations

🔥 Hall of Flame 50%🏆 Hall of Fame 8%

Aquion Energy developed saltwater-based (aqueous hybrid ion) batteries intended for grid-scale energy storage — a chemically benign, low-cost alternative to lithium-ion that could charge and discharge thousands of times without degradation.

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