Energy storage company Xtreme Power announced the close of a $29.5 million financing round co-led by Bessemer Venture Partners, The Dow Chemical Company (NYSE: DOW) through its Venture Capital group, and existing investor SAIL Venture Partners.
Additional investors include POSCO ICT and SkyLake & Co. Umesh Padval, a Partner with Bessemer Venture Partners, and Walter Schindler, Managing Partner at SAIL Venture Partners, have joined the Board of Directors.
The financing will support Xtreme Power’s technology development, production expansion, and large-scale power projects.
It will also support ongoing business development efforts, with a focus
on constrained grids, including the Hawaiian market. Xtreme Power
recently announced that the company will be installing a 15MVA/10MWh DPR
at the Kahuku
Wind project on Oahu.
Based in Kyle, TX, Xtreme Power engineers, manufactures and operates
integrated power management and energy storage systems for use in
renewable energy and micro-grid applications. Xtreme’s Dynamic Power
Resource™ combines the large-scale storage capabilities of the company’s
proprietary PowerCell™ technology with micro-second controls and
high-efficiency power electronics, creating a comprehensive solution to
the intermittency and variability challenges facing utilities and
independent power producers looking to implement clean energy to the
electrical grid.
Xtreme Power’s products are designed to convert variable wind and solar power into consistent, reliable streams of energy and significantly reduce the need for fossil fuel-burning peaking power units.
In September 2009, Xtreme Power was one of two companies planning to convert an idle Ford assembly plant near Detroit into clean energy manufacturing facility. The Wall Street Journal published an update on that story in March 2010.
