Prudent Energy, a leading clean energy storage company, has added another $10 million in venture capital funding to top off its oversubscribed Series C round. Prudent Energy said that JAFCO Asia, Mitsui Ventures, CEL Partners, and other investors will bring total outside funding within the last three months to over $32 million.
"We are delighted to welcome new investors to our group," said Johnson Chiang, Prudent Energy's CEO. "With their combined experience growing emerging cleantech companies such as ours, we have an even greater opportunity to expand manufacturing while creating pathways into new markets. Our US office in the Washington DC area will be opened soon."
Andre Loesekrug-Pietri, managing partner of CEL, and Georges Vuong, associate, said "Energy storage is a major investment focus, and we have looked at many companies in the battery sector, be it for Electric Vehicles or for the Grid and Renewable Energy sources. We are very impressed with Prudent Energy, its technological edge, its world- class investor base, its seasoned management team and its growth potential in China as well as in Europe where our fund takes its roots. We look forward to work closely with Prudent's team and our fellow investors to build a future industry leader."
Prudent Energy's patented Vanadium Redox Battery (VRB®) is today's state-of-the-art clean energy storage system. The VRB™ can quickly store and discharge energy in multi-megawatt ranges at long durations, regardless of whether that energy comes from the utility grid, a renewable resource such as a wind farm, or other input source. In particular, the VRB™ is well suited to provide much-needed relief to the electric power grid, as identified by the US Department of Energy, by delivering minutes-to-hours of electric storage used to firm and smooth intermittent wind power generation.
Cowen Latitude Asia acted as the exclusive placement agent for Prudent Energy on the transaction.
About Prudent Energy
Prudent Energy is a privately held company with offices in North America and China. The company controls the patents of VRB™ energy storage technology, develops and manufactures energy storage systems that support stable, reliable and efficient electricity grid operation as well as the integration of large scale renewable energy. The VRB-ESS™ 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 "store" electricity, allowing for the optimal match of supply and demand.
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