Pentadyne Power Completes $10 Million Follow-On Close of Series C
Chatsworth, Calif. – March 22, 2005 – Pentadyne Power Corporation, a provider of advanced flywheel power systems, announced today that it completed a follow-on close of its Series C financing round for $10 million, bringing the total Series C round to $18 million. The follow-on round was led by Rustic Canyon Partners. Investors in the initial close included Nth Power, DTE Energy Ventures, Accera Venture Partners, Sempra Energy and other private investors. Pentadyne will use the funds to expand its product commercialization efforts through leading distribution channel partners, including Emerson Network Power/Liebert, one of the world’s largest providers of uninterruptible power supplies (UPS).
“Pentadyne has shown considerable success in the implementation of its business plan. The quality of personnel and distribution partners it has attracted is extremely impressive and a testament to the value proposition it is providing in the power quality market,” said Lee Bailey, Partner at Rustic Canyon Partners, who will join Pentadyne's Board of Directors concurrent with this round of financing. “With the Company's solid foundation in the UPS market and expansion plans in other markets, we see a lot of potential for its growth as an energy technology solutions leader.”
Emerson Network Power recently introduced the Liebert FS Advanced Flywheel Energy Storage System, a kinetic energy system based on the Pentadyne flywheel that augments or replaces lead-acid batteries in Liebert UPS products. The Liebert FS is designed to support larger Liebert UPS systems, including the Liebert Npower, Series 300 and Series 610 models. It provides backup power to ride through short interruptions and enables transition to a backup generator. A single flywheel can be sized to support UPS systems up to 150 kVA. Multiple flywheel systems can operate in parallel to support larger systems.
About Pentadyne Power Corporation
Pentadyne designs, manufactures and markets advanced flywheel power systems that provide high-quality, reliable power for uninterruptible power supply, industrial drive, energy recycling and micro-grid applications. Whether integrated into other products or used alone, Pentadyne’s flywheel systems provide an economic, long lasting, low maintenance, lightweight and environmentally sound power solution for a range of applications. Pentadyne is backed by leading venture capital groups and industry players including Rustic Canyon Partners, Nth Power, DTE Energy Ventures, Accera Venture Partners, Sempra Energy, Electricité de France and Ben Rosen (co-founder of Sevin Rosen and Chairman emeritus of Compaq Computer). For more information, please visit Pentadyne.com or contact the representatives below.
For More Information Contact:
Flint R. Craig
Senior Vice President and CFO
Pentadyne Power Corporation
20750 Lassen Street, Chatsworth, CA 91311
(818) 350-0370 • Fax (818) 350-0383
Email: FlintCraig@pentadyne.com
Greg Evans (Agency Support)
President, Account Executive
WelComm, Inc.
7975 Raytheon Rd., Ste 340, San Diego, CA 92111
(858) 279-2100
Fax: (858) 279-5400
Email: Greg@welcomm.com