Pentadyne Completes $10 Million Follow-On Close of Series C
Pentadyne Power Corp. (Chatsworth, CA), a developer of flywheel power systems, announced 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. Pentadyne will use the funds to expand its product commercialization efforts through leading distribution channel partners, including Emerson Network Power/Liebert, a large provider 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, a 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."