Pentadyne Closes $22 Million Round of Financing

Pentadyne Power

Pentadyne Power, a developer and manufacturer of flywheel energy storage systems, recently announced that it closed a $22 million financing round, including the conversion of existing convertible ventures.  The new funds will be used to support the company’s expansion into new markets 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 investors include Nth Power, DTE Energy, Energy Innovations Portfolio AG, Sempra Energy, Electricité de France (EDF Group), Loudwater Investment Partners, and Ben Rosen.

Pentadyne’s flywheel energy storage systems are used for energy recycling applications and to replace hundreds of lead-acid batteries used with large-scale UPS (uninterruptible power supply) systems.  Flywheel systems use the inertia of a spinning mass to store and regenerate power (click image for larger version).

Pentadyne claims that its flywheels deliver an order of magnitude greater reliability than batteries, near-zero maintenance, have a footprint and lifecycle cost less than half that of batteries, and use 90% less power than other flywheels.  The company has sold and shipped more than 500 flywheels since shipping its first commercial production flywheel in 2004.

Nanosolar Receives $300 Million in Equity Financing

NanosolarNanosolar, a thin-film solar company, announced on August 27th that it received $300 million in equity financing in March 2008.  Investors in this round included The AES Corporation, The Carlyle Group, EDF (which made a $50 million investment in Nanosolar via EDF Energies Nouvelles Réparties), and Energy Capital Partners.

Funding in this round was also provided by returning Nanosolar investors GLG Partners, Beck Energy, and Grazia Equity (founding investor of Conergy).  Other participating investors included Lone Pine Capital, the Skoll Foundation, and the private fund of Pierre Omidyar (founder of eBay). 

Nanosolar intends to use the funds to accelerate production expansion for its 430MW San Jose factory and 620MW Berlin factory.  The following video provides some information on Nanosolar’s technology, which includes the ability to print (using nanoparticle ink) the semiconductor of a solar cell onto metal foil.

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