FlexGen Power Systems has received a $25.5 million Series A financing round to accelerate deployment of its hybrid energy storage software into oilfield applications and power generation markets worldwide. Led by Denver-based venture investment firm, Altira Group, the round includes investments from the venture arms of General Electric and Caterpillar. FlexGen’s software aims to improve the performance and lower the cost of a wide range of energy storage technologies in utility, consumer, and industrial power systems.
“The keys to affordable energy storage are merging state-of-the-art software and power electronics. Our technology squeezes every electron of value out of advanced batteries and ultracapacitors, slashing electricity costs and improving quality and reliability for the customer,” said FlexGen Power Systems’ founder and CEO, Josh Prueher.
“FlexGen Power Systems’ technology is quickly being tested and deployed within Altira’s Fund VI investment partnership where the technology provides immediate cost savings while improving operating performance and reliability for our US Super Independent oil & gas partners. The Company’s combination of proven technology, large applicable markets and quality management is an excellent match with our investment strategy,” said Altira Group managing partner, Dirk McDermott.