VYCON Secures Nearly $14 Million in Funding Led by The BankInvest Group
VYCON announced that it has closed a $13.7 million round of funding ,which includes conversion of $6.5 million in existing convertible notes and $1.1M of existing trade debt. Led by the BankInvest Group in Denmark, the round also included participation from several of VYCON’s existing investors as well as several new investors.
"We’re extremely pleased in the confidence of our existing investors and at the same time welcome our new investors," said Vatche Artinian, CEO of VYCON. "While the past year included extremely difficult economic conditions around the globe, VYCON enjoyed tremendous sales growth during the year, particularly in the power quality markets and was able to achieve several important milestones. This latest investment positions us well to accelerate our expansion strategies. We’re excited about the fast growth of the energy storage marketplace and VYCON’s opportunities in the new decade."
With the funding, VYCON will ramp up manufacturing to meet what it describes as the increased demand of its clean energy storage systems for data centers, hospitals, universities, broadcast studios and manufacturing plants as well as for cargo and rail transportation applications. New channel development and expansion of sales and marketing activities will also be accelerated.
"Our advanced and highly efficient flywheel systems are helping customers around the world use clean energy storage," said Frank DeLattre, President of VYCON. "This latest round of funding will help us enhance our existing award-winning product platforms and expand into new markets."
VYCON states that its flywheel systems bring unprecedented power capacity for instantaneous and reliable power backup and provide a greener solution over uninterruptible power systems (UPSs) that are using chemical-based batteries. In addition, VYCON’s REGEN flywheel systems, used in regenerative power applications such as cargo handling and light electric rail, reduce power and energy costs for port and rail operators as well as reduce green house gasses.
