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Texas – Xtreme Power, a provider of Dynamic Power Resources (DPRs) for utility-scale power management and energy storage systems, announced the close of a $29.5 million financing round co-led by Bessemer Venture Partners, The Dow Chemical Company through its Venture Capital group and existing investor SAIL Venture Partners.
The company says that it addresses renewable energy intermittency issues that plague utilities by converting variable wind and solar power into steady streams of energy and therefore reducing the need for fossil fuel-burning peaking power units. Its DPRs combine the large-scale storage capabilities of the company's proprietary PowerCell technology with micro-second controls and high-efficiency power electronics.
Systems have been implemented at sites around the world, with units at the South Pole and on the largest operating wind farm in Hawaii.
"Xtreme Power's technology significantly enhances the value that renewable energy generators provide to the grid, enabling smoother delivery of power and greater compliance with utility standards," said Hank Habicht, Xtreme Power board member and Managing Partner at SAIL.
The new round of financing will be used to support Xtreme Power's ongoing business development efforts, with a focus on constrained grids, including the Hawaiian market. Xtreme Power recently announced that the company will be installing a 15MVA/10MWh DPR at the Kahuku Wind project on Oahu.
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