Tuesday, March 2, 2010

Sequoia, NLVC lead $22M deal in China energy storage company

Energy storage is a hot investment area in China. The latest deal in this sector is a $22 million Series C deal in Prudent Energy Inc., a manufacturer and developer of technology that can improve the efficiency of delivering energy on demand to telecom and power utilities.
Northern Light Venture Capital and Sequoia Capital China led the investment, which was over-subscribed. Returning as backers were DT Capital and Draper Fisher Jurveston, which has been making numerous deals in the cleantech area in both China and India.

CEO Johnson Chiang said Prudent will use the new capital to expand its battery manufacturing operations in Beijing, where it relocated last year.