Pentadyne Closes Financing Totaling $22M
Chatsworth, Calif. – Sept. 22, 2008 – Pentadyne Power Corporation, the world leader in flywheel energy storage systems, announced that it yesterday successfully closed a financing round totaling $22 million including the conversion of existing convertible ventures.
The new capital will be used to fuel expansion of the company into new markets, with enhanced energy storage systems and the sales and production of new and existing products.
“This latest round of financing comes from our existing investor base – support from the folks who know the most about our company, our products, our talent and our capabilities,” said Mark McGough, President and CEO of Pentadyne. “The commitment of these investors to continue their interests in the company speaks volumes about their confidence in the current and coming success Pentadyne enjoys in the marketplace.”
Pentadyne has seen great recognition of late including:
· Surpassing its primary competitor to become the world’s most popular flywheel energy storage product
· Ranking # 7 among energy companies on this year’s renowned Inc. 500 fastest-growth list
· Being named a GoingGreen Top 100 company by the AlwaysOn financial network
· Winning the Vendor of the Year award from the UPS division of Toshiba International
Says Mark Campion, Executive VP and CFO of Pentadyne, “These recognitions of our company’s success in the marketplace are echoed in the enthusiasm and financing commitments among our core investors in this latest financing round; they have thoroughly scrutinized our current business model and our forward-looking plans. Particularly in light of the current climate within venture capital, we are proud that they found Pentadyne to be an exceptional investment.”
About Pentadyne Power Corporation
Pentadyne is the world’s leading manufacturer of flywheel energy storage systems used for energy recycling applications and to replace hundreds of lead-acid batteries used with large-scale UPS (uninterruptible power supply) systems. Pentadyne flywheels deliver an order of magnitude greater reliability than batteries, near-zero maintenance and have a footprint and lifecycle cost less than half that of batteries. Using 90% less power than other flywheels, this environmentally responsible system is sold by several of the world’s leading UPS manufacturers. An ISO-9001-certified company, Pentadyne designs and manufactures its products in Greater Los Angeles.
Pentadyne is the world’s leading manufacturer of flywheel energy storage systems used for energy recycling applications and to replace hundreds of lead-acid batteries used with large-scale UPS (uninterruptible power supply) systems. Pentadyne flywheels deliver an order of magnitude greater reliability than batteries, near-zero maintenance and have a footprint and lifecycle cost less than half that of batteries. Using 90% less power than other flywheels, this environmentally responsible system is sold by several of the world’s leading UPS manufacturers. An ISO-9001-certified company, Pentadyne designs and manufactures its products in Greater Los Angeles.
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Editors:
A company overview is at:
Product details are at:
Press Contacts:
Keith Field
Vice-President of Marketing
Pentadyne Power Corporation
(818) 350-0370 x210
Email: keith.field@pentadyne.com
Vice-President of Marketing
Pentadyne Power Corporation
(818) 350-0370 x210
Email: keith.field@pentadyne.com