FlexGen Power Systems has announced a US$25.5 million Series A financing round to accelerate deployment of its hybrid energy storage software into oilfield applications and power generation markets worldwide. Led by Denver-based venture investment firm, Altira Group, the round includes major investments from the venture arms of industrial giants General Electric and Caterpillar. FlexGen’s software improves performance and lowers the cost of a wide range of energy storage technologies in utility, consumer, and industrial power systems. FlexGen’s technology is fielded globally with the US military and in oil and gas operations.
“We (GE Ventures) believe FlexGen Power Systems’ software and power electronics technology will transform the energy storage and power generation industries,” said Ricardo Angel, GE Ventures’ managing director. “Leveraging GE’s global manufacturing, sales, and distribution resources, we are eager to help FlexGen Power Systems deliver low cost, high-quality power to electricity consumers everywhere.”
Image: Hybrid Power system/FlexGen Power Systems