Kyle, Texas, July 27, 2010 — Xtreme Power, a provider of Dynamic Power Resources for utility-scale power management and energy storage systems, announced the close of a $29.5 million financing round co-led by Bessemer Venture Partners, The Dow Chemical Co. through its Venture Capital group, and existing investor SAIL Venture Partners.
Additional investors include POSCO ICT and SkyLake and 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.
By combining sophisticated power management and large-scale energy storage, Xtreme Power’s Dynamic Power Resources address one of the biggest problems utilities face in harnessing renewable energy: its intermittent nature.
Dynamic Power Resources help solve this problem by converting variable wind and solar power into consistent, reliable streams of energy and reducing the need for fossil fuel-burning peaking power units.
Systems have been successfully implemented at sites around the world, with units at the South Pole and on the largest operating wind farm in Hawaii.
Umesh Padval said, “We have studied the large-scale storage technology landscape for quite a while. Xtreme has a unique and differentiated solution to one of the most intractable problems facing utilities as they try to adopt cleaner energy — how to have it when you need it. We are confident that Xtreme Power’s Dynamic Power Resource is poised to enable utilities to integrate renewable energy into the grid in an economic and efficient way, and are proud to support the company.”
The new round of financing will be used to support Xtreme Power’s 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.