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Sun Catalytix Corp. has received a third round of seed funding from Polaris Venture Partners to continue development of water-splitting technology developed by MIT professor Daniel Nocera.
The $1 million tranche, combined with an exclusive licensing agreement with MIT for Nocera’s patents, will allow the five-person company to translate the chemical process into renewable energy storage products.
“They have solved the problem that wind and solar (energy) have: intermittentcy,” said Bob Metcalfe, general partner at Polaris and director of Sun Catalytix, in an interview on Sunday. “Energy storage will be key to solving the energy problem, and we think this is a distinct energy storage technology play.”
The funding announcement comes a month after the Cambridge company won a U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E) grant for its research. Metcalfe said the company has yet to agree with the DOE on the terms of the funding, but hopes to do so in the coming months.
Polaris general partner Amir Nashat will continue his role as CEO of Sun Catalytix, but the company is searching for a permanent chief executive ahead of a likely Series A funding round next year.
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