Imergy Power Systems, formerly known as Deeya Energy, has named Bill Watkins as CEO. Previously, Watkins worked at Bridgelux where he served as CEO. Also, the company has hired Tim Hennessy as executive vice president, sales and marketing and Jack Jenkins-Stark as chief financial officer. Based in Fremont, Calif., Imergy Power is a provider of energy storage systems solutions. It is backed by NEA, Technology Partners and Blue Run.
FREMONT, CA–(Marketwired – Dec 2, 2013) – IMERGY Power Systems, formerly Deeya Energy, a pioneer in advanced energy storage systems, is proud to announce that Bill Watkins has become CEO and will lead a new management team as Imergy Power embarks on a major expansion strategy.
The new leadership team brings unique expertise in manufacturing, battery technology, electricity markets and rapidly scaling operations that will be instrumental in helping Imergy Power bring its innovative flow battery technology and energy storage solutions to a wider range of customers. Watkins has over 30 years of experience in managing high technology companies. Most recently, he served as the CEO at LED technology provider Bridgelux and CEO of Seagate Technology, the world’s leading hard drive manufacturer. He serves on the Board of Directors of both Flextronics and Maxim Integrated Products. Tim Hennessy, Executive Vice President of Sales & Marketing, most recently served as president of Prudent Energy, a manufacturer of flow batteries in China, and CEO of VRB Power Systems, another flow battery maker. Jack Jenkins-Stark, CFO, was previously the CFO of solar developer BrightSource Energy and prior to that CFO of Silicon Valley Bank.
Imergy Power specializes in a flow battery system which is the most cost-effective energy storage solution available today. Utilizing the Company’s proprietary Vanadium electrolyte, Imergy has a path to less than $300 per kilowatt hour energy storage products by 2015.
“Energy storage is one of the biggest opportunities in all of technology. The power industry right now is the ultimate just-in-time business. Utilities have to deliver power as soon as they make it,” said Watkins. “By making energy storage feasible, we can help expand the market for intermittent renewables, reduce the likelihood of blackouts and even let homeowners become energy self-sufficient.”
To date, Imergy Power has largely targeted its products as backup solutions for telecommunications providers. Going forward, Imergy Power is targeting broader markets, producing products that can be employed to maximize power output from solar arrays, manage community microgrids or help industrial and commercial customers reduce peak power to avoid hefty demand charges that can account for 30 percent of their utility bill.
“The clean technology revolution is just starting. Solar power is growing at a rapid clip in many markets while Electric Vehicle sales continue to climb. Energy storage will become the fabric that ties these disparate applications together,” said Ira Ehrenpreis, Imergy Power Board member and General Partner of Technology Partners, Imergy Power’s lead VC investor. “Bill, Tim and Jack bring to Imergy Power an unmatched level of talent and experience, and a wealth of relationships that will enable the company to thrive.”
About Imergy Power Systems
Imergy Power Systems is a leader in stationary energy storage using innovative flow battery technology. Its proven Energy Storage Platform (ESP) provides a total solution to reduce energy cost and optimize renewable power generation while improving overall power reliability. Imergy Power Systems is headquartered in Fremont, California, USA, with additional operations in Gurgaon, India. The Company’s investors include venture capital firms NEA, Technology Partners, and Blue Run. For more information about the company, please visit www.imergypower.com