Bessemer Leads $30M Recharge for PowerGenix
Wade Roush9/17/08
Bessemer Venture Partners, which has offices in Wellesley Hills, MA, is the leader in a $30 million Series D financing round announced today for PowerGenix. The San Diego company makes rechargeable nickel-zinc batteries, which are lighter, smaller, and less toxic than batteries using competing chemistries, such as lithium ion and nickel-metal-hydride. Existing investors Advent International, Angeleno Group, Braemar Energy Ventures, Granite Ventures, OnPoint Technologies and Technology Partners also participated in the round, which will help the battery maker expand into markets such power tools, lawn and garden tools, military vehicles, light electric vehicles such as golf carts, and consumer AA batteries.
Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.
