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Chrysalix Completes Follow-up Financing in Primus Power
Continues to be one of the largest investors alongside Kleiner Perkins in Primus’ low-cost, distributed energy storage for the Smart Grid
VANCOUVER, BC - June 17, 2011 - Today, Chrysalix Energy Venture Capital, the world’s most active cleantech venture capital firm in 2010, announced its participation in Primus Power’s $11 million Series B financing round after leading the original Series A with co-investor Kleiner Perkins Caufield & Byers (KPCB). Joining the existing investors in the new financing are DBL Investors and I2BF Global Ventures. The new funds will help Primus develop its first full-scale system and accelerate commercialization.
“After Chrysalix completed a wide-ranging survey of grid-scale energy storage technologies and emerging applications, Primus Power’s solution clearly stood out as the one with greatest potential,” said Charlie Haythornthwaite, VP of Investments at Chrysalix. “Its multi-hour flow battery technology is scalable, transportable, and has exceptional energy density - all highly valuable characteristics. Above all, the technology is on a path to industry-low costs. It has been great to see the level of government grant support and now the validation of the new investors.”
Primus Powers’ flow batteries are a type of megawatt-scale rechargeable energy storage to support the electric power grid. They have been designed as a highly reliable solution to meet the demands of a broad array of applications that can also be easily permitted. New energy storage technology is expected to become an important solution to integrate greater quantities of intermittent renewable energy into the grid, and as an economical means of upgrading transmission and distribution infrastructure. Primus Power is the only company to receive government grants from the U.S. Department of Energy (DOE), the Advanced Research Projects Agency – Energy (ARPA-E) and the California Energy Commission (CEC).
About Chrysalix Energy Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The Firm provides early-stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the Firm has consistently ranked among the top most active clean energy technology venture capital firms in the world and in 2010, was listed as the most active cleantech VC by the Cleantech Group. The Chrysalix team has an exceptional track record in this emerging industry. Collectively, it has over 120 years of experience in the energy industry and over 120 years in the venture capital business. The Firm is backed by a strong group of international blue-chip industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total, Chrysalix has approximately $300M in assets under management. For more information, please visit http://www.chrysalix.com.
Magnolia Marketing Communications
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