December 1, 2006
PowerGenix Announces Closing of Series C Financing
New Investor — Angeleno Group Leads $17 Million Investment Round in Battery Technology Company
San Diego, CA — December 1, 2006 — PowerGenix Corporation (www.powergenix.com), a leading developer of high discharge rate, rechargeable nickel-zinc (NiZn) batteries, announced today that it has completed its third round of financing totaling $17 million. Angeleno Group, a California-based private equity firm focused on high growth investments in the energy sector, led the round. This round also included return investors Advent International, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners.
“PowerGenix is a company with world-class technology and the business model to bring that technology to market,” said Zeb Rice, Managing Partner of Angeleno Group. “We look forward to working with the PowerGenix team to realize the potential of nickel-zinc rechargeable batteries.”
“The successful closing of this round was made possible by the fact that our award-winning technology has progressed from the R&D stage into a low-cost, manufacture-able cell design suitable for a very wide range of applications,” noted PowerGenix's Chief Executive Officer, Dan Squiller. “This infusion of capital will enable us to introduce a broad portfolio of products into high volume production and fully exploit the value of our nickel-zinc technology.”
“Technology Partners has evaluated innumerable battery company investments and PowerGenix clearly stood out from the rest of the pack,” said Ira Ehrenpreis, General Partner at Technology Partners. “PowerGenix not only has an exciting new technology that can revolutionize the battery industry and a superior business model, but also a high quality entrepreneurial management team that can lead the company to its next phase of growth.”
“The reinvestment by Advent International, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners validates their continued belief in the future of PowerGenix,” Squiller added. “New investment by Angeleno Group will bring additional energy market expertise to the company.”
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 NiCd and nickel-metal hydride (NiMH) batteries in the multi-billion dollar rechargeable battery market.
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