News

Prudent Energy Secures $22 million Series C Financing

March 02, 2010 by Jeff Shepard

Prudent Energy a 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, described as 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 From Vancouver, Canada to Beijing last year, as well as drive the company’s steady growth into the U.S.A. and elsewhere.

Prudent Energy states that it has expanded the horizon of the energy storage technology and benefits customers by increasing the performance and reliability, particularly the VRB™ technology that Prudent possesses can reliably stores energy safely at room temperature with virtually zero emissions. Prudent states that it addresses the need for the balancing act 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"