Pentadyne Power, a developer and manufacturer of flywheel energy storage systems, recently announced that it closed a $22 million financing round, including the conversion of existing convertible ventures. The new funds will be used to support the company's expansion into new markets and the sales and production of new and existing products.
"This latest round of financing comes from our existing investor base – support from the folks who know the most about our company, our products, our talent and our capabilities," said Mark McGough, President and CEO of Pentadyne. "The commitment of these investors to continue their interests in the company speaks volumes about their confidence in the current and coming success Pentadyne enjoys in the marketplace." Pentadyne investors include Nth Power, DTE Energy, Energy Innovations Portfolio AG, Sempra Energy, Electricité de France (EDF Group), Loudwater Investment Partners, and Ben Rosen.
Pentadyne's flywheel energy storage systems are used for energy recycling applications and to replace hundreds of lead-acid batteries used with large-scale UPS (uninterruptible power supply) systems. Flywheel systems use the inertia of a spinning mass to store and regenerate power (click image for larger version).
Pentadyne claims that its flywheels deliver an order of magnitude greater reliability than batteries, near-zero maintenance, have a footprint and lifecycle cost less than half that of batteries, and use 90% less power than other flywheels. The company has sold and shipped more than 500 flywheels since shipping its first commercial production flywheel in 2004.
- Pentadyne Power - Home page
- Pentadyne Closes Financing Totaling $22M (September 22, 2008)
- Pentadyne Power Corp Announces $14M Venture Investment by Loudwater (September 17, 2007)
- Pentadyne Power Completes $10 Million Follow-On Close of Series C (March 22, 2005)
- Pentadyne Power Completes $8 Million Initial Close of Series (October 20, 2004)
- Pentadyne Secures Series B Funding (August 16, 2002)