Xtreme Power, a US-based maker of energy storage and power management systems for utilities, has raised $29.5m from strategic and venture capital (VC) investors in its series C round.
Repeat VC Sail Venture Partners was joined as co-lead in the round by peer Bessemer Venture Partners and US industrial group Dow Chemical’s corporate venturing unit. Monty Bayer, global business director of ventures and business development, led the deal for Dow.
Additional new investors included Posco ICT, an engineering and technology services company formed out of the merger of Poscon and Posdata in January with a specialist "department for future growth" in clean-tech; US construction group Fluor; and SkyLake Incuvest, a private equity investor in Korea.
Xtreme has raised about $20m previously, according to news provider VentureWire, and its battery – originally developed by car maker Ford – is used to store wind and solar power.
Xtreme Power said the company would be installing a 10 mega watt per hour battery storage system at the Kahuku Wind project on Oahu, Hawaii.