Prudent Energy, a Bejing, China- and Burnaby, Canada-based manufacturer of a clean energy storage system, has raised an additional $10m in venture capital funding as a part of its Series C round.
This latest funding, raised within three months from JAFCO Asia, Mitsui Ventures, China Equity Links Partners, and other investors, brings the total series C round amount to over $32m. Early this year, in March, the company announced that it had raised $22m from Northern Light Venture Capital, Draper Fisher Jurvetson, Sequoia Capital China, and DT Capital.
The new capital will enable Prudent Energy to increase manufacturing operations in China and expand its presence in new markets. The company is opening US offices in the Washington DC area.
Prudent Energy controls the patents of Vanadium Redox Battery (VRB(TM)), a clean energy storage system, which supports and provides relief to the electric power grid.