Aquion Energy adds $15M in loans to aid startup

Aquion Energy Inc., a startup technology company that makes innovative batteries, is getting $15 million in loans from two, out-of-state venture capital businesses, the Lawrenceville company said on Tuesday.

Horizon Technology Finance Corp., a specialty finance company in Farmington, Conn., will provide $10 million. Silicon Valley Bank, Santa Clara, Calif., will provide the other $5 million.

Aquion produces cutting-edge, aqueous electrolyte sodium ion batteries, whose salt-water base makes them environmentally friendly and cost-efficient to produce.

CEO Scott Pearson said the infusion would provide “additional financial strength” to expand the company. It plans to hire about 340 people during the next three years.