Pentadyne Power Corporation, a developer of flywheel energy storage systems, closed a financing round totaling $22 million including the conversion of existing convertible ventures.
The new capital will be used to fuel expansion of the company into new markets with enhanced energy storage systems and the sales and production of new and existing products.
Flywheel Energy Storage (FES) works by accelerating a rotor (flywheel) to a very high speed and maintaining the energy in the system as rotational energy. The energy is converted back by slowing down the flywheel.
"This latest round of financing comes from our existing investor base–support from the folks who know the most about our company, our products, our talent and our capabilities," said Mark McGough, President and CEO of Pentadyne. "The commitment of these investors to continue their interests in the company speaks volumes about their confidence in the current and coming success Pentadyne enjoys in the marketplace."
Pentadyne ranked #7 among energy companies on this year’s renowned Inc. 500 fastest-growth list
About Pentadyne Power Corporation
Pentadyne is a leading manufacturer of flywheel energy storage systems used for energy recycling applications and to replace hundreds of lead-acid batteries used with large-scale UPS (uninterruptible power supply) systems. Pentadyne flywheels deliver an order of magnitude greater reliability than batteries, near-zero maintenance and have a footprint and lifecycle cost less than half that of batteries. An ISO-9001-certified company, Pentadyne designs and manufactures its products in Greater Los Angeles.
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