Energy storage company Deeya Energy completes $30m Series C financing round

6 May 2009

Deeya Energy, an energy-storage solutions provider, has completed an oversubscribed $30m Series C financing.

Deeya’s Series C was led by new investor Technology Partners and existing investors BlueRun Ventures, DFJ, Element Partners and New Enterprise Associates, all participated in the round. This financing round brings Deeya’s total venture capital investment to $53m since its founding in 2004.

Ira Ehrenpreis, general partner at Technology Partners who runs the firm’s cleantech practice, said, ‘Deeya has changed the paradigm of energy storage technology from being a consumable to becoming an asset which benefits the customers by increasing the performance and reliability of storage and saving fuel costs with zero environmental impact. Deeya’s first product, the ESP, can save over a billion dollars annually in diesel fuel costs in the first target market, the Indian wireless cell tower industry.’ He added, ‘The company’s future markets in renewable energy and grid power are even larger potential markets over time.’

Founded in 2004 in the heart of Silicon Valley, Deeya Energy is a cleantech company dedicated to developing and manufacturing electrical energy storage systems.

Technology Partners is currently investing from it eighth fund. The firm has invested in more than 100 companies serving principally as a lead investor.

Copyright © 2009 newnet

Tags: energy storage

This story was published on Wednesday, May 6th, 2009 at 5:29 pm and is filed under North America, energy storage, funds. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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