FlexGen® Power Systems has announced a US$25.5 million Series A financing round to accelerate deployment of its breakthrough hybrid energy storage software into oilfield applications and power generation markets worldwide.
Led by Denver-based venture investment firm, Altira Group, the round includes major investments from the venture arms of industrial giants General Electric and Caterpillar. FlexGen’s software improves the performance and significantly lowers the cost of a wide range of energy storage technologies in utility, consumer, and industrial power systems. The Company’s technology is fielded globally with the US military and in oil & gas operations.
FlexGen® Power Systems Founder and CEO, Josh Prueher, commented: “The keys to affordable energy storage are merging state-of-the-art software and power electronics. Our technology squeezes every electron of value out of advanced batteries and ultracapacitors, slashing electricity costs and improving quality and reliability for the customer. FlexGen® Power Systems’ mission is to open the door for energy storage into new markets and power products everywhere and we are thrilled that Altira, GE Ventures, and Caterpillar Ventures are joining us in that mission. We’re now more confident than ever that our technology will be in every electric power system in the world.”
Altira Group’s Managing Partner, Dirk McDermott, said: “FlexGen® Power Systems’ technology is quickly being tested and deployed within Altira’s Fund VI investment partnership where the technology provides immediate cost savings while improving operating performance and reliability for our US Super Independent oil & gas partners. The Company’s combination of proven technology, large applicable markets and quality management is an excellent match with our investment strategy. We are pleased to be partnering with FlexGen® Power Systems, GE Ventures, and Caterpillar Ventures.”
GE Ventures’ Managing Director, Ricardo Angel, added: “At GE Ventures, we partner and invest in the best ideas within Software, Healthcare, Energy and Advanced Manufacturing. We believe FlexGen® Power Systems’ software and power electronics technology will transform the energy storage and power generation industries. Leveraging GE’s global manufacturing, sales, and distribution resources, we are eager to help FlexGen® Power Systems deliver low cost, high-quality power to electricity consumers everywhere.”
“Caterpillar Oil & Gas is a leader in providing power to the industry. We will work with FlexGen® Power Systems and its technologies to deliver customer driven solutions that provide durability and lowest cost of ownership. Caterpillar Ventures facilitates the connection between these great startups and our business units, engineers and customers, creating value for all involved,” said Caterpillar Ventures’ Managing Director, Michael Young.
Edited from press release by Angharad Lock