Xtreme Power, a US-based energy storage and system developer backed by chemicals company Dow and oil major BP’s corporate venturing units, has raised $5.75m of a planned $10m round, according to a regulatory filing first seen by BizJournal.
Issam Dairanieh at BP Ventures by email said it was “investing more that its pro-rata in Xtreme,” while Kevin McElgunn, director of Dow Venture Capital, by email said it “continues to support Xtreme Power, participating in the recent financing”.
In June, Xtreme raised another $10m, according to a Securities and Exchange Commission filing.
In 2011, 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.
Additional investors in that round included Posco ICT, an engineering and technology services company formed out of the merger of Korea-based Poscon and Posdata; 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.