PowerGenix Announces Closing of Series C Financing
December 1, 2006
For Immediate Release
New Investor, Angeleno Group Leads $17 Million Investment Round in Battery Technology Company
SAN DIEGO, California (December 1, 2006) — PowerGenix Corporation (www.powergenix.com), a leading developer of high discharge rate, rechargeable nickel-zinc (NiZn) batteries, announced today that it has completed its third round of financing totaling $17 million. Angeleno Group, a California-based private equity firm focused on high growth investments in the energy sector, led the round. This round also included return investors Advent International, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners.
“PowerGenix is a company with world-class technology and the business model to bring that technology to market,” said Zeb Rice, Managing Partner of Angeleno Group. “We look forward to working with the PowerGenix team to realize the potential of nickel-zinc rechargeable batteries.”
“The successful closing of this round was made possible by the fact that our award-winning technology has progressed from the R&D stage into a low-cost, manufacture-able cell design suitable for a very wide range of applications,” noted PowerGenix's Chief Executive Officer, Dan Squiller. “This infusion of capital will enable us to introduce a broad portfolio of products into high volume production and fully exploit the value of our nickel-zinc technology.”
“Technology Partners has evaluated innumerable battery company investments and PowerGenix clearly stood out from the rest of the pack,” said Ira Ehrenpreis, General Partner at Technology Partners. “PowerGenix not only has an exciting new technology that can revolutionize the battery industry and a superior business model, but also a high quality entrepreneurial management team that can lead the company to its next phase of growth.”
“The reinvestment by Advent International, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners validates their continued belief in the future of PowerGenix,” Squiller added. “New investment by Angeleno Group will bring additional energy market expertise to the company.” For more information on PowerGenix's innovative battery technology, visit www.powergenix.com or call 858.547.7300.
About Angeleno Group, LLC:
Angeleno Group is a Los Angeles-based private equity firm focused on high growth investments in the energy sector. Angeleno makes investments broadly across the energy industry to support innovative, well-managed, early-to expansion stage companies. Areas of particular interest include: advanced generation and power quality, renewables, energy intelligence and control, transmission and distribution, power storage, and advanced fuel technologies. For more information, visit, www.angelenogroup.com.
About OnPoint Technologies:
OnPoint Technologies, a strategic private equity firm funded by the U.S. Army, has a mission to discover, invest in and support companies developing innovative mobile power and energy technology at the intersection of the defense and commercial markets. For more information on OnPoint, please visit www.onpoint.us, or call (407) 838-1400.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.
About Advent International:
Advent International is one of the world's largest private equity firms, with $6 billion in cumulative capital raised and offices in 13 countries across North America, Europe, Latin America and Asia Pacific. Since its founding in 1984, Advent has been committed to helping management teams build successful businesses by applying its industry expertise, international resources and local market knowledge. Over 130 of Advent's portfolio companies have completed IPOs on major stock exchanges worldwide. Its portfolio companies have raised more than $10 billion through public equity and debt offerings. For more information on Advent International, visit www.adventinternational.com.
About Granite Ventures:
Granite Ventures, LLC, formerly H&Q Venture Associates, LLC, is a leading early-stage technology venture capital firm with approximately $650 million in capital under management. Granite Ventures was formed in July 1998 as an independent venture capital firm spun out of Hambrecht & Quist, now J.P. Morgan H&Q. Granite Ventures manages general venture capital funds and corporate funds in partnerships with technology industry leaders Adobe Systems Incorporated and Texas Instruments Incorporated. Granite Ventures has invested in more than 80 companies, including such industry leaders as Digimarc (NASDAQ:DMRC), DigitalThink (acquired by Convergys Systems), InfoGear (acquired by Cisco), InterNAP (AMEX:IIP), NetBoost (acquired by Intel), Nexabit (acquired by Lucent), Siebel Systems (NASDAQ:SEBL), Sierra Wireless (NASDAQ:SWIR), SnapTrack (acquired by Qualcomm), Tumbleweed Communications (NASDAQ:TMWD) and Vignette (NASDAQ:VIGN), among others. For more information, visit www.granitevc.com.
About Technology Partners:
Technology Partners is a 20-year-old venture capital firm that manages more than $400 million of investment capital with current investments being made from Technology Partners Fund VII. Technology Partners has invested in dozens of companies in a variety of industries serving principally as a lead investor. The majority of investments are in early stage companies. The firm invests approximately half of its capital in information technology companies and the other half into companies focused on the life sciences. Within information technology, Technology Partners currently focuses on the areas of Cleantech (Energy Technology, Water Technology, and Materials Science) and Enterprise Software. For more information on Technology Partners, go to www.technologypartners.com.