Prudent Energy Announces $22million Series C Fund Raise
manufacturer of the Vanadium Redox Battery Energy Storage System (VRB-ESS(TM)),
has raised approximately
Light Venture Capital led the round, which also included new investor Sequoia
Capital China. DFJ and DT Capital returned as backers from the prior round.
Prudent Energy, the leading technology developer, manufacturer, and
systems integrator of the vanadium redox flow battery (VRB-ESS(TM)), has
secured
one of the most respected private investment firms in
investors in the over-subscribed round include Sequoia Capital China. Existing
investors Draper Fisher Jurvetson and DT Capital Partners also participated.
This new financing will fuel Prudent’s battery manufacturing operations, which
relocated to
into the
Prudent Energy supplies the missing ingredient to power and telecom
companies who know that renewable energy cannot be expanded, nor can smart
grids be operated, without the successful balancing act of storing and
releasing energy on demand. The VRB(TM) technology that Prudent is selling,
reliably stores energy safely at room temperature with virtually zero
emissions.
“We are thrilled that seasoned investors like Northern Light and Sequoia
Capital believe so strongly in Prudent’s vision,” said
Prudent Energy. “Their support will help us expand our manufacturing
capabilities and accelerate our product delivery whilst materially reducing
our costs. Already this year we have delivered on nearly twenty of our kW
class systems at ever decreasing costs. This capital will strengthen our
development activities and presence in
global sales strategy that will include new initiatives in both
Prudent holds patents for the VRB Energy Storage System and applications
and is building on the proven field installations of the VRB technology which
have operated in dozens of sites for many years. It utilizes the unique
properties of the element vanadium to build an environmentally safe,
electro-chemical means of storing and discharging energy in multi-megawatt
ranges at long durations from any available power source, whether it is the
utility grid, a renewable resource such as a wind or solar farm or a diesel
generator. As a result, Prudent is delivering energy solutions that improve
power quality and reliability, enabling large-scale penetration of renewable
energy generation, and improving the efficiency of energy distribution across
many parts of the world.
Cowen Latitude Asia acted as the exclusive placement agent for Prudent
Energy on the transaction.
About Prudent Energy
Prudent Energy Inc. is a privately held company with offices in
America
the VRB(TM) energy storage technology to support stable, reliable and
efficient electricity grid operation as well as the integration of large scale
renewable energy. The VRB-ESS(TM) economically stores and supplies large
amounts of electricity on demand with an extreme number of deep cycles. It is
low maintenance, efficient and environmentally sensitive technology that
allows for the scalability of power and storage capacity independently. The
VRB-ESS is particularly beneficial to renewable energy providers, utilities
and end users through its ability to “inventory” electricity, allowing for the
optimal match of supply and demand. http://www.pdenergy.com
About Northern Light Venture Capital
Northern Light Venture Capital (“NLVC”) is a venture capital firm
targeting early and early growth stage opportunities in
is “to partner with world-class entrepreneurs to build world-class companies”.
Founded in 2005, NLVC has emerged as a top venture capital firm with the
rapidly growing Chinese economy. NLVC manages approximately
committed capital with
institutional investors NEA and Greylock as the anchor investors, NLVC has the
world-class LPs and the top fund of funds from
http://www.nlightvc.com
About Sequoia Capital
Sequoia Capital was established in the Silicon Valley in 1972. In the past
more than 30 years, Sequoia has backed almost all the leading breakthrough
companies as the first institutional investor. Such companies include Apple
Computer, Cisco, Oracle, Yahoo!, Google, etc. Sequoia invested companies
consist more than 10% of NASDAQ’s entire market value. In
Capital China currently have about
under management to invest in
VanceInfo, leading IT outsourcing service provider, went public in
2007
property developer primarily focused on the development, construction,
management and sale of underground protective space of civil air defense
projects, went public in
of the year worldwide. Peak Sports, professional basketball shoes and apparel
brand, went public in
leading bio-pharmaceutical company in
NASDAQ. After being invested by Sequoia, American Diary, one of the leading
producers and distributors of premium infant formula in
changed from NYSE’s small and medium board to the main board. In
2009
buyout of SINA.COM. http://www.sequoiacap.com
About Draper Fisher Jurvetson
DFJ’s mission is to identify, serve, and provide capital for extraordinary
entrepreneurs anywhere who are determined to change the world. Since its
founding in 1985, DFJ has been proud to back over 600 companies across many
sectors including such industry changing successes such as Hotmail (acquired
by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD),
Overture (acquired by YHOO), Athenahealth (ATHN), EnerNOC (ENOC), TicketsNow
(acquired by TicketMaster), Feedburner (acquired by Google), Interwoven (IWOV),
Four11 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by
AVID). DFJ has offices located in
http://www.dfj.com
About DT Capital Partners
DT Capital Partners provides growth capital to early and expansion stage
companies in
growth potential, strong management teams, and demonstrated revenue models in
both technology based and traditional industries. DT Capital Partners
currently manages over
and RMB funds, and also has a close affiliation with Madrone Capital in the US,
the investment entity for members of the Walton family. http://www.dtcap.com
SOURCE Prudent Energy Inc.