PowerGenix Announces Closing of Series B Financing

November 28, 2004 by Jeff Shepard

PowerGenix Corp. (San Diego, CA), a developer of rechargeable nickel-zinc (NiZn) batteries, announced that it has completed a second round of financing totaling $10 million. The round was led by OnPoint Technologies (Maitland, FL), a US Army-backed venture capital firm that invests in companies developing energy technologies with potential uses by the Army. The round also included new investor Braemar Energy Ventures and return investors Advent International, Granite Ventures and Technology Partners.

"The successful closing of this financing was made possible by the fact that the technology has progressed from the lab into a low-cost manufacturable cell design that excites potential customers," stated PowerGenix Chief Executive Officer Dan Squiller. "This infusion of capital will enable us to prepare for wide-scale customer sampling programs and the transition to high-volume manufacturing."