Xtreme Power, a US-based developer of energy storage systems backed by UK-based oil company BP, US-based chemicals group Dow Chemical, and US-based utility Dominion Power, has raised $10m, according to a Securities and Exchange Commission filing.
Last year Xtreme Power, raised $16.4m. It said at the time on its website that BP was one of its investors along with venture capital (VC) firm Spring Ventures and US utility Dominion Power.
In July 2010, Xtreme Power 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, although a source in the deal said BP joined with the others a year ago.
Additional investors in that round 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 had 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.