Press Release

Prudent Energy Announces $22 million Series C Fund Raise

3/1/2010

Prudent Energy, the leading technology developer, manufacturer, and systems integrator of the vanadium redox flow battery (VRB-ESS®), has secured $22 million Series C financing led by Northern Light Venture Capital, one of the most respected private investment firms in China. Other new 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 Beijing last year, as well as drive the company's steady growth into the U.S.A. and elsewhere.

Prudent Energy has expanded the benefits of energy storage by offering its customers increased system performance and reliability. The VRB® technology that Prudent owns can safely store energy at room temperature with virtually zero emissions. Prudent's solutions have been praised by companies in the electric power and telecom sectors as the VRB® addresses the critical challenge of storing and releasing energy on demand in renewable energy expansion and power grid operation.

"We are thrilled that seasoned investors like Northern Light and Sequoia Capital believe so strongly in Prudent's vision," said Johnson Chiang, CEO of 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 North America and allow us to pursue a global sales strategy that will include new initiatives in both China and the U.S.A."

About Prudent Energy

Prudent Energy Inc. is a privately held company with offices in North America and China. The company controls the patents, develops and manufactures the VRB&trade 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® 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. www.pdenergy.com

Press contact:
Susan Zhang
Director of Communications
susanzhang@pdenergy.com