Prudent Energy, a Bethesda, MD-based advanced energy storage company, has raised an additional $29.5m.
This round was led by Mitsui & Co., Ltd., with participation from Vangoo Investment Partners, Idinvest Partners, Asia Clean Energy Limited, another Korean based strategic investment group and existing investors Draper Fisher Jurvetson, DT Capital Partners, Northern Light Venture Capital and CEL Partners.
The company intends to use the funds to continue to develop its systems and increase its sales into MW-class markets in Asia, Europe and North America.
Led by CEO Johnson Chiang, Prudent Energy designs, manufactures, and integrates the patented Vanadium Redox Battery Energy Storage System (VRB-ESS®), a long-life, advanced “flow battery” system, which allows utility customers to balance load, bridge generation, and regulate voltage and frequency – in one low maintenance system. Prudent also sells or leases VRB® systems and services to commercial onsite generators and telecoms companies to reduce their operating expenses and provide backup power.