China Environment Fund (CEF) has announced today a strategic investment of USD 3 million in Net Power Technology, a company dedicated to developing massive electricity storage systems.
This series A investment is led by China Environment Fund and closely followed by BP, along with Intel Capital and Vickers Venture. Established in New York and headquartered in Beijing, Net Power will utilize these funds to establish its production line of zinc-bromide flow battery. Applications range from electrical grid back-up and peak-shavings for load-leveling of metropolitan areas.
"We believe the energy storage sector will continue to come into its own, growing side by side with the entire cleantech market," notes Don Ye, Managing Partner of China Environment fund and member of Net Power's new board of directors. "Much of the battery technologies in the current market are very outdated and inefficient. The only barrier that is limiting the emerging battery chemistries is the high costs involved." Don Ye adds, "Our investment along with other world class institutions will allow Net Power to achieve its great potentials in cost-reductions and spur the energy storage sector with a much greater demand."
The current electrical grid has long been plagued by interruptions and blackouts. With the emergence of intermittent renewable energy sources (such as wind and solar) now competing with all other traditional sources, the electricity market suffers heavily from inefficiencies and wasted energy due to grid limitations. Large scale energy storage will play a key role in alleviating these problems, storing excess power when demand is low and releasing it when required.
"The investment from China Environment Fund has further enhanced our foundations in integrating our flow battery systems into the new era of clean energy," remarks David Wu, CEO of Net Power. "We believe this is a huge step towards our vision of advocating energy conservation and environmental protection. Our ultimate aim is to make available our storage solutions to every corner of the world, wherever it is needed."
China Environment Fund Announces US$3M Investment in Net Power Technology
By (Zero2IPO News)Updated:2008-12-18 Print
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