Active Power Raises $20 Million in Mezzanine Round Funding; Capital Permits Plant Expansion, New Product Development.AUSTIN, Texas--(BUSINESS WIRE)--Dec. 16, 1999-- New contributors in VC group include Enron North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Corp., Stephens Group Active Power, Inc. of Austin, the developer and manufacturer of a breakthrough, flywheel-based energy storage system, today announced completion of its mezzanine round of venture capital financing To start an own company or to bring a new product to the market, the venture may need to attract financial funding. There are several categories of financing possibilities. If it is a small venture, then perhaps the venture can rely on family funding, loans from friends . The $20 million raises total private funding since spring 1996 to $40 million. Members of the financial syndicate include previous investors Advent International Advent International - a long-established and leading global private equity investor Background Advent was founded in 1984 by Peter Brooke and Clint Harris to focus on international private equity investing. , Boston, Austin Ventures, Austin; CenterPoint Venture Partners, Dallas; Rho Management, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ; SSM SSM abbr. surface-to-surface missile Ventures, Memphis, Tenn.; individuals of InterWest Partners, Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif. and Sevin Rosen Funds Sevin Rosen Funds (SRF) is a venture capital firm that was established in 1981 by L.J. Sevin and Ben Rosen. SRF was involved in the financing of ArQule, CIENA, Citrix, Cypress Semiconductor, Electronic Arts, Lotus Development Corporation, Silicon Graphics, and Vitesse. , Dallas. New investors to the group are an affiliate of Enron North America Corp. of Houston, and Stephens Group of Little Rock. "These newly raised funds will be used to increase manufacturing capacity required to meet the expected demand from recently signed agreements such as the one with Caterpillar announced last month," said Joe Pinkerton, President of Active Power (www.activepower.com). "The capital also will fund development of next generation products and new technologies that will continue to keep our company in the forefront of supplying leading energy storage and power quality solutions." Caterpillar Inc. and Active Power recently signed an agreement to develop and market a fully integrated flywheel Uninterruptible Power Supply See UPS. (hardware) Uninterruptible Power Supply - (UPS) A battery powered power supply unit that is guaranteed to provide power to a computer in the event of interruptions in the incoming mains electrical power. (UPS) system for use in a broad range of commercial and industrial applications. The new UPS system is designed and manufactured to Caterpillar specifications. "Our long-term objective remains unchanged: To lower the total cost of electricity to corporations, industrial manufacturers and utilities, particularly those demanding reliable, uninterrupted power for mission-critical operations and processes," Pinkerton emphasized. "Active Power represents an attractive investment opportunity due to the importance of quality power in an increasingly computer-centric world," said Eric Jones
The CleanSource Solution The CleanSource family of products, now a part of the $1 billion-a-year, three-phase UPS industry, enables a large segment of the industrial power market to reduce or eliminate the power surges, sags and outages that cost U.S. firms an estimated $50 billion annually in lost productivity and manufacturing processes. CleanSource is safe, simple and non-toxic. It has a 20-year-life and low service cost. Systems can be paralleled to provide up to 4 megawatts of power. Constant power is provided for up to one minute or more, making it ideal for ride-through to genset power in the event of an electric grid problem. It requires only 20% of the space needed for lead-acid battery Noun 1. lead-acid battery - a battery with lead electrodes with dilute sulphuric acid as the electrolyte; each cell generates about 2 volts lead-acid accumulator back up and is compatible with all name-brand UPS products. Major players in the $215 billion (annual) U.S. electric utility market realize they must close the gap rapidly if they are to succeed in an increasingly competitive, deregulated marketplace. Two significant customers of Active Power are Enron, a major energy and communications company, and Southern Company, a leading utility in the nation. Recent Developments -- In 1998, Discover Magazine named CleanSource a finalist in its 9th Annual Awards for Technological Innovation, citing its potential "revolutionary impact" on society, due to the potential for large-scale displacement of lead-acid batteries in conventional UPS systems. -- In November, Active Power completed its channel strategy of becoming the standard battery-free solution for three-phase business applications. It now has worldwide sales, service and support of Active Power's CleanSource(tm) from Liebert Corporation, PowerWare Corporation and MGE Mge Mycoplasma Genitalium MGE Minneapolis Grain Exchange MGE Madison Gas and Electric Company MGE Mobile Genetic Elements MGE Maintenance Ground Equipment MGE Microstation Graphics Environment MGE Modern Gun Effectiveness Model MGE Modular Gis Environment UPS Systems. -- Currently, there are more than 50 CleanSource installations worldwide, including the ABC Television Network headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Eskom, the South African utility in Capetown South Africa. CleanSource is a trademark of Active Power, Inc. All other trademarks are the properties of their respective companies. |
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