Energy storage company Prudent Energy has raised $29.5 million in new funding led by Mitsui. Vangoo Investment Partners, Idinvest Partners and Asia Clean Energy Limited also participated, as did existing investors Draper Fisher Jurvetson, DT Capital Partners, Northern Light Venture Capital and CEL Partners.
Prudent Energy, a leading advanced energy storage company, announced it has raised an additional $29.5 million. This new round of private funding was led by Japanese giant, Mitsui & Co., Ltd. and included Vangoo Investment Partners, Idinvest Partners, Asia Clean Energy Limited and another Korean based strategic investment group. The company’s existing investors Draper Fisher Jurvetson, DT Capital Partners, Northern Light Venture Capital and CEL Partners also participated in the financing.
The inclusion of major new investors follows Prudent Energy’s recently announced sales of an 8 MWh VRB® energy storage system to the State Grid Corporation of China as well as systems in Asia, USA, and Europe. Prudent Energy’s patented VRB® Energy Storage Systems, which can scale efficiently from kW-class to multi-megawatt class installations, are unique in their ability to smooth power variations from milliseconds to many hours, countless times each day.
“Now is the time for Prudent to take advantage of favorable regulatory changes that will help electric power utilities and grid operators use energy storage to optimize traditional power generating capacity, while integrating wind and solar power,” said Johnson Chiang, CEO of Prudent Energy. “Most encouraging in this round is that large corporations see both the potential in our technology and more importantly in the company itself – the opportunities are global,” Chiang said.
Prudent said it would use its new infusion of capital to continue driving down the costs of delivering its energy storage systems and to increase its sales into MW-class markets in Asia, Europe and North America.
About Prudent Energy
Prudent Energy is the designer, manufacturer, and integrator of the patented Vanadium Redox Battery Energy Storage System (VRB-ESS®), a long-life, advanced “flow battery” system. Prudent’s VRB-ESS® allows utility customers to balance load, bridge generation, and regulate voltage and frequency – in one low maintenance system. Prudent also sells or leases VRB® systems and services to commercial onsite generators and telecoms companies to reduce their operating expenses and provide backup power. Unlike other advanced battery systems, Prudent’s VRB® system operates at room temperature, cycles at 100% without damage to power capacity, and uses an energy-storing electrolyte that never wears out.