Primus Power Announces Completion of $32M Financing Round
March 23, 2017 - 8:58 PM EDT
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Primus Power Announces Completion of $32M Financing Round
New funds help accelerate shipments of low cost, long duration flow battery systems
HAYWARD, Calif., March 23, 2017 (GLOBE NEWSWIRE) -- Today Primus Power (“Primus”), a leader in stationary energy storage systems, announced that it has secured $32 million in equity financing. New investors include Hong Kong’s Success Dragon (HKG:1182) and Matador Capital, the investment office of a well known Saudi family. Existing investors Anglo American Platinum, DBL Partners, I2BF and the Russia Kazakhstan Nanotechnology Fund also participated. With this fundraising, Primus has raised $94 million in equity and $20 million in government grants since its founding in 2009.
The new funds will help accelerate the commercial momentum of EnergyPod® 2 - a safe, low-cost and long-duration electrical energy storage system. These modular battery systems pair a unique zinc bromide chemistry with patented innovations to deliver a multi-hour performance and a multi-decade life at an industry-leading low total cost of ownership.
“This is an incredibly exciting time for Primus customers, investors, employees and partners,” said Tom Stepien, Primus Power’s CEO. “The Primus team has risen to the challenge of designing and delivering a safe, powerful and low cost battery system with a 20-year life to meet the expanding demand for energy storage, and investors around the world are recognizing our progress. This is especially true in China where we will leverage Success Dragon’s financial support and deep business network to build a leading position in the energy storage industry.”
Ms. Li Xuehua, Chairman of Success Dragon, said, “Our Primus Power partnership marks Success Dragon’s first step into the renewable energy business. We look forward to bringing Primus’ flow battery systems into China and helping them capitalize on the rapid development of the country’s renewable energy and energy storage markets. The new partnership will also help drive Success Dragon’s business growth.”
China’s efforts to develop renewable energy have accelerated in recent years. According to the 13th Five-Year Plan for Renewable Energy Development issued by China’s National Energy Administration, China plans to invest $360 billion in the renewables sector over five years. Long-duration storage solutions, such as Primus Power’s EnergyPod® 2, are uniquely suited to integrate renewable energy. The power generated from renewable energy sources such as wind and solar fluctuates greatly depending on wind conditions and solar radiation. Long-duration energy storage systems can smooth out fluctuations in solar and wind power, and store excess renewable generation for later use during evening peak hours when energy is most valuable.
“The energy storage market in China is still in its infancy,” continued Ms. Li Xuehua, “and is set for rapid growth, given the country’s large-scale investment in renewable energy. We are confident that our partnership with Primus will give us a pioneering advantage and will see us emerge as a key player in China’s energy storage market.”
About Primus Power Primus Power is a California-headquartered provider of low-cost, long-life and long-duration energy storage systems. The Company’s flow batteries are shipping to U.S. and international commercial/industrial, data center, microgrid, utility, and military customers. With technical innovations protected by 34 patents in 9 countries/regions, the Company’s EnergyPod systems offer exceptional reliability, modularity, and energy density at an industry-leading low total cost of ownership. www.primuspower.com
About Success Dragon International Holdings Limited Success Dragon International Holdings Limited (“Success Dragon”, HKEx stock code: 1182) is a provider of information technology and outsourced business process management services for an array of companies across different sectors. Success Dragon currently operates in Macau and Vietnam, and is actively exploring opportunities to expand into the renewable energy business in China. Success Dragon also operates its traditional long-standing Kingbox packaging business, serving a number of top brands in Hong Kong, Europe, USA and Asian countries. http://successdragonintl.com/
About Matador Capital Partners Matador Capital Partners (“MCP”) was founded in 2016 as the London-based investment office of a well known Saudi family. MCP is a global investment company focused on real estate, listed securities, direct investments and special situations.
Registered and common law trademarks of Primus Power include Primus Power®, EnergyPod®, Primus Power Smart Grid Storage®, No Fracking Worries® and Duration without Degradation®.
Media contacts
Success Dragon
Jasmine Yap
Telephone +852 3103 0108
jasmine.yap@citigate.com.hk
Celia Fong
Telephone +852 3103 0125
celia.fong@citigate.com.hk
Primus Power
Elise Hunter
Telephone +1 510 342 7648
Elise.hunter@primuspower.com
