Clean storage company Deeya gets $15M
Deeya Energy, a developer of energy storage devices using environmentally friendly materials, has secured a second-round investment of $15 million, continuing the trend we’ve seen lately in energy storage device investments (see our coverage of A123 Systems, Lilliputian Systems, M2E Power, and Boston Power Inc here, here, here, and here).
The company has also named Vic Mahadevan as President and CEO. Mahadevan was previously CEO of gaming company NeoEdge Networks and network-based storage company Maxxan Systems.
Deeya Energy is developing energy storage devices for use in load-shifting, UPS (uninterruptible power supply) and renewable energy using its proprietary L-Cell technology. Its batteries are reported to have better charging and discharging performance and lower pricing than other batteries. The company says the batteries contain environmentally friendly materials, with no poisonous or expensive metals or fume release, and are recyclable, unlike other batteries.
Deeya is seeking to commercialize the peak-off-peak load shifting market, a market estimated to be worth $10 billion for electricity consumers and $160 billion for electricity producers and distributors. Deeya is also attempting to enable commercial energy storage in renewable energy and UPS (Uninterruptible Power Supply) industries, presently estimated at $5 billion.
The life time of a Deeya L-Cell is seven years, after which it can be refurbished with minimal cost to run for another seven years, ad infinitum, the company says. Deeya expects the L-Cells to require minimal or no maintenance during this period.
On its website, Deeya maintains its L-Cells are three times cheaper than lead-acid batteries, and 10-20 times cheaper than NiMH, Li-ion and fuel-cell options.
Hopefully, Deeya will use this latest funding to prevent development delays that have plagued other clean-tech/battery companies. Just recently, EEStor CEO Richard Weir told CNET News.com that commercial production of EEstor’s energy storage system, a device that holds electricity and functions somewhat like a battery, is delayed. Tesla Motors has also suffered numerous delays in the release of its electric car due to battery and transmission problems.
The renewable energy industry tends to consider technologies for large-scale power storage as critical to the continued growth and prosperity of alternative energy sources such as wind, tidal and even solar power. New storage devices will let utilities store and use power from renewable energy sources as needed.
Deeya Energy is based in Fremont, Calif. and Guragon, India. New Enterprise Associates led the $15M round, with participation from all of the company’s previous investors: BlueRun Ventures, Draper Fisher Jurvetson, DFJ Element and Nokia Corp. The company raised $7.5 million in its first round (see our coverage).
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