Prudent Energy, a clean energy storage company with offices in North America and China, has added another USD10m in venture capital funding to top off its oversubscribed series C round.
Jafco Asia, Mitsui Ventures, CEL Partners and other investors will bring total outside funding within the last three months to over USD32m.
"We are delighted to welcome new investors to our group," says Johnson Chiang, Prudent Energy’s chief executive. "With their combined experience growing emerging cleantech companies such as ours, we have an even greater opportunity to expand manufacturing while creating pathways into new markets. Our US office in the Washington DC area will be opened soon."
Andre Loesekrug-Pietri, managing partner of CEL, adds: "Energy storage is a major investment focus, and we have looked at many companies in the battery sector, be it for electric vehicles or for the grid and renewable energy sources. We are very impressed with Prudent Energy, its technological edge, its world-class investor base, its seasoned management team and its growth potential in China as well as in Europe where our fund takes its roots. We look forward to work closely with Prudent’s team and our fellow investors to build a future industry leader."
Prudent Energy’s patented Vanadium Redox Battery can quickly store and discharge energy in multi-megawatt ranges at long durations, regardless of whether that energy comes from the utility grid, a renewable resource such as a wind farm, or other input source.
Cowen Latitude Asia acted as the exclusive placement agent for Prudent Energy on the transaction.
