Tuesday, July 27, 2010

Xtreme Power Gets $29.5M

Kyle, Texas-based Xtreme Power, a developer of energy storage technology for the utility scale power market, said today that it has raised $29.5M in a financing round. The round was co-led by Bessemer Venture Partners, The Dow Chemical Company. and existing investor SAIL Venture Partners. POSCO ICT and SkyLake & Co. also participated in the funding. Xtreme Power is developing large scale nergy storage products, which helps utilities manage the intermittent nature of renewable technology such as the wind and sun. As part of the funding, the firm said that Bessemer's Umesh Padval and SAIL's Walter Schindler have joined the company's board of directors. More information »