Thursday, September 25, 2008

PowerGenix Closes $30M Round Fueled by Clean Transportation, Energy Storage Demands

Powerful, Nontoxic Nickel-Zinc Batteries Eye Huge Market Opportunity
PowerGenix, manufacturer of nontoxic, high performance rechargeable Nickel-Zinc (NiZn) batteries, today announced the close of its $30 million Series D financing round. The round was led by Bessemer Venture Partners and included existing investors: Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners.
Amid a global restructuring of energy storage markets, propelled by increased concern over battery safety and toxicity and revived interest in automotive technologies, PowerGenix has seen huge demand for its nontoxic rechargeable NiZn batteries. The company has signed $75 million in customer supply agreements since beginning high-volume manufacturing in March of this year and is supplying NiZn cells into multiple markets including power tool, lawn and garden, consumer AA, military and light electric vehicles (LEV).
Targeting the global clean transportation and energy storage markets with a nontoxic, non-combustible and recyclable battery solution, PowerGenix's NiZn cells pack one-third more power and energy than existing rechargeable alkaline cells. The company's cells have also received compliance, under third-party testing, with the European Union's Reduction of Hazardous Materials (RoHS) and Battery Directive requirements, widely recognized as the world standard for banning toxic material in new electronic devices. In the United States, the Rechargeable Battery Recycling Corporation (RBRC), which represents 90 percent of the global battery industry, recently expanded its recycling program for the first time in seven years to include PowerGenix's NiZn -- the most recyclable rechargeable chemistry on the market.

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