"We have evaluated many companies that are focused on new battery chemistries, and it was clear to us that PowerGenix's NiZn high-density battery technology could radically change the landscape of today's rechargeable battery market," said Jason Rottenberg, managing director of OnPoint. "The high power density of the PowerGenix battery and the fact that it presents no toxic impact to the environment further widens the potential appeal to the U.S. military."

"The successful closing of this financing was made possible by the fact that the technology has progressed from the lab into a low cost manufacturable cell design that excites potential customers," noted PowerGenix's Chief Executive Officer, Dan Squiller. "This infusion of capital will enable us to prepare for wide scale customer sampling programs and the transition to high volume manufacturing."

"We are very pleased to be taking part in PowerGenix's Series B," stated Neil Suslak, managing director of Braemar Energy Ventures. "We look for companies having a differentiating technology that translates into a compelling value proposition for customers. We see a tremendous blend of management experience, market altering technology, and crisp business focus in PowerGenix that we believe positions the company for rapid and profitable growth." "The reinvestment by Advent International, Granite Ventures and Technology Partners validates their belief in the future of PowerGenix," Squiller added. "New investment by OnPoint Technologies and Braemar Energy Ventures will no doubt assist us in capturing potential government applications and will bring additional energy storage expertise to the company."

This combined support now places PowerGenix in a position to expand its focus on business growth and over the next few months, the company plans to greatly enhance its production capabilities as well as develop a more robust sales and marketing effort. To support these strategic activities, PowerGenix recently hired Chi Yau as vice president of operations and Joe Yeagley as vice president of business development. Yau brings to PowerGenix more than 18 years of experience in operations, including managing factory operations in China. Prior to joining PowerGenix, Yau worked for Lucent Technologies, focusing on new product introductions, technology transfer to contract manufacturers, and supply chain management. Similarly, Yeagley's experience spans more than 16 years in the power industry. Most recently, he served as vice president of global account sales for Powerware Corporation, where he managed a team responsible for supporting enterprise relationships with large multi-national Original Equipment Manufacturers (OEMs).

For more information on PowerGenix's innovative battery technology, visit www.powergenix.com or call (858) 547-7300.

About PowerGenix:
Founded in 2000 and located in San Diego, Calif., PowerGenix has developed and patented a high-energy density, high-cycle life and low-cost nickel-zinc (NiZn) battery that is specifically designed to utilize existing nickel-cadmium (NiCd) manufacturing processes, techniques and equipment, thereby significantly reducing time-to-market, and eliminating costly equipment design steps. With its patented rechargeable NiZn battery technology, PowerGenix is pursuing applications to replace existing nickel-metal hydride (NiMH) and NiCd batteries in the multi-billion dollar rechargeable battery market.