July 8, 2002 Sun Valley, CA. - Pentadyne Power Corporation, a developer of flywheel power systems for applications in power quality and other advanced power applications, announced today it has secured funding in its Series B round. Nth Power, a leading venture capital firm specializing in energy technology, was the lead investor. Other investors include DTE Energy (parent company of Detroit Edison), MVV Innovationsportfolio (corporate venture capital fund of German utility MVV Energie), Angels with Attitude and private investors.
“We are delighted to have the backing of an outstanding group of investors led by Nth Power,” said Paul Craig, Co-founder and CEO of Pentadyne. “These investors bring significant financial and marketplace expertise to Pentadyne. Their support comes as we prepare to roll out beta units in response to strong and broad-based customer interest for our flywheel systems in a wide range of applications.”
“The marketplace for advanced uninterruptable power solutions is growing as customers search for systems that have performance, reliability and life-cycle cost advantages over legacy battery systems”, said Maurice Gunderson, co-founder and Managing Director of Nth Power. “Pentadyne's product is the best we've seen in this category. It offers a more advanced solution and better design over existing flywheels, with the right power density and recharge time for a wide variety of applications. Also, Pentadyne's lightweight and compact footprint gives customers flexibility in siting a UPS solution.”
Pentadyne's unique power system engineering features a high-speed composite flywheel, fully-active magnetic bearings and an integrated vacuum system. This combination provides significant advantages over competing flywheels, including reliability, operating costs and footprint. The Pentadyne flywheel system delivers 120 kW of instant, precise electrical power for up to 20 seconds.