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PowerGenix Nets $30 Million Series D Financing

Thursday, September 18, 2008 6:02:00 AM PDT | VentureDeal Staff

San Diego, California  --  Battery company PowerGenix said that it has raised $30 million in its fourth round of venture capital funding from a syndicate of firms.

PowerGenix is developing a "high-energy density, high-cycle life and low-cost nickel-zinc (NiZn) battery that is specifically designed to utilize existing nickel-cadmium (NiCd) manufacturing processes, techniques and equipment, thereby significantly reducing time-to-market, and eliminating costly equipment design steps."

The investment round was led by Bessemer Venture Partners, and included Advent International, Granite Ventures, OnPoint Technologies, Technology Partners and Braemar Energy Ventures. The company did not disclose how it would use the funding proceeds.

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