BWI: Deeya Energy Raises $30M (Rs. 150 Cr.) in New Financing

Press release from Business Wire India
Source: Deeya Energy
Wednesday, May 20, 2009 12:13 PM IST (06:43 AM GMT)
Editors: General: Consumer interest, Economy, Environment; Business: Advertising, PR & marketing, Business services, Energy companies, Financial Analyst, Telecommunications; Technology
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Deeya Energy Raises $30M (Rs. 150 Cr.) in New Financing
Renewable Energy Storage Platform to Target Indian Wireless Infrastructure

Fremont, CA, United States, Wednesday, May 20, 2009 -- (Business Wire India) -- Deeya Energy, an industry leader in next generation energy storage platforms, announced that it has completed an oversubscribed $30M or Rs. 150 Crores Series C financing. Deeya's innovative solution addresses the $46 billion energy storage market by offering a scalable, economical and renewable alternative to current technologies. Deeya's Series C was led by new investor Technology Partners and existing investors BlueRun Ventures, DFJ, Element Partners and New Enterprise Associates (NEA) all participated in the round. This series C financing brings Deeya's total venture capital investment to $53 million since its founding in 2004.

Ira Ehrenpreis, general partner at Technology Partners who runs the firm's Cleantech practice, explains that, "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. "He adds, "The company's future markets in renewable energy and grid power are even larger potential markets over time."

"We are poised for tremendous growth with a very strong value proposition to our customers. Deeya has already deployed its system to several customers in key application segments such as telecommunications," says Izak Bencuya, Deeya's CEO. "This new financing will give Deeya the resources it needs to ramp up production and scale operations - and we are very pleased to have attracted Ira and Technology Partners to our company."

Raj Alur, Deeya Energy's Chief Marketing Officer points out that, "the rapidly expanding Indian wireless communications industry is being crippled by rising operating costs due to their reliance on diesel generators to power the cell towers in locations with frequent power outages or with no grid power. Leveraging NASA technology, Deeya Energy has engineered a renewable Energy Storage Platform (ESP) that dramatically reduces diesel consumption at these sites, thereby cutting fuel and maintenance costs and decreasing CO2 emissions". He notes, "Deeya's ESPTM is non-toxic and environmentally safe. It is the ideal storage platform to complement all renewable power generation including Solar, Wind and Biomass".

About Deeya Energy:

Founded in 2004 in the heart of Silicon Valley, Deeya Energy is a cleantech company dedicated to developing and manufacturing electrical energy storage systems. Deeya Energy's innovation, the L-Cell, is based on a novel battery technology originally developed by NASA in the early 70's. Deeya Energy's management team is comprised of veterans from the fields of industrial power, energy storage, telecommunications, semiconductors and chemical industries. www.deeyaenergy.com


CONTACT DETAILS
Kerry Brackett, Deeya Energy, 510-356-6724, Kerry@deeyaenergy.com

KEYWORDS
CONSUMER, ECONOMY, ENVIRONMENT, MARKETING, BUSINESS SERVICES, ENERGY, Financial Analyst, TELECOMMUNICATIONS, TECHNOLOGY

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