January 21, 2010 | 0 Comments
Vycon, which designs and manufactures high-speed DC energy storage flywheel systems, has closed a US $13.7 million round of funding, which includes conversion of $6.5 million in existing convertible notes and $1.1 million of existing trade debt.
With the funding, Vycon will ramp up manufacturing to meet the increased demand of its clean energy storage systems for data centers, hospitals, universities, broadcast studios and manufacturing plants as well as for cargo and rail transportation applications.
New channel development and expansion of sales and marketing activities will also be accelerated according to Vycon.
Led by the BankInvest Group in Denmark, the round also included participation from several of Vycon’s existing investors as well as several new investors.
“We’re extremely pleased in the confidence of our existing investors and at the same time welcome our new investors,” said Vatche Artinian, CEO of Vycon. “While the past year included extremely difficult economic conditions around the globe, Vycon enjoyed tremendous sales growth during the year, particularly in the power quality markets and was able to achieve several important milestones. This latest investment positions us well to accelerate our expansion strategies. We’re excited about the fast growth of the energy storage marketplace and Vycon’s opportunities in the new decade.”
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