O'Melveny Represents Primus Power in US$25 Million Series D Funding RoundSeptember 10, 2015
FOR IMMEDIATE RELEASE
O'Melveny & Myers LLP
O’Melveny & Myers LLP
SILICON VALLEY -- September 10, 2015 -- O’Melveny & Myers LLP represented energy-storage startup Primus Power in its US$25 million Series D funding round to accelerate project shipment. The round was led by I2BF and featured new investor Russia-Kazakhstan Nanotechnology Fund (RKNF) along with prior investors Anglo American Platinum, Chrysalix Energy Venture Capital, and DBL Partners.
The O’Melveny team was led by partner Paul Sieben, counsel Tim Hagen, and associate Janiece Jenkins.
About O’Melveny & Myers LLP
With approximately 700 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com.
The following release was issued by Primus Power:
Primus Power Raises $25 Million in Series D Financing
Kazakhstan's Samruk-Energy to Buy 1,250 Batteries Totaling 25 MW · 100 MWh
HAYWARD, CA--(Marketwired - Sep 9, 2015) - Primus Power, a leader in grid-scale energy-storage technology, announced today that it secured $25 million in financing for its Series D funding round. I2BF Global Ventures led the round and the Russia-Kazakhstan Nanotechnology Fund (RKNF), one of the funds managed by I2BF, participated in the offering. Existing investors Anglo American Platinum, Chrysalix Energy Venture Capital and DBL Partners also participated.
With this fundraising, Primus Power has raised $60 million in equity since its founding in 2009. The Company has also received strategic government grants totaling $20 million from the U.S. Department of Energy (DOE), the Advanced Research Projects Agency-Energy (ARPA-E), the Bonneville Power Administration (BPA), the California Energy Commission (CEC), and the Department of Defense (DOD) through its Environmental Security Technology Certification Program (ESTCP).
Primus is shipping EnergyCells and EnergyPods® -- safe, low-cost, modular electrical energy-storage systems. The patented storage technology pairs a unique zinc bromide chemistry with novel technical innovations to deliver optimum performance and multi-decade battery lifetime, at a low levelized cost of energy. Engineered for flexibility and long duration, Primus batteries economically serve a variety of energy storage applications that require multi-hour, daily duty.
In May 2015 Primus executed a strategic agreement with Samruk-Energy, the principal electricity provider in the Republic of Kazakhstan. As part of the multi-year agreement, Samruk-Energy plans to purchase Primus systems totaling 25 MW · 100 MWh -- representing 1,250 batteries. These Primus systems will be assembled inside Kazakhstan and help the country reach its renewable energy goals of 30 percent by 2030 and 50 percent by 2050.
Almassadam Satkaliyev, Chairman of the Board of the Joint Stock Company Samruk-Energy, commented, "We expect that the joint work with Primus Power, the leader in the development of energy storage technologies, will accelerate the development of renewable energy in Kazakhstan, and will provide us with opportunities for practical implementation of innovative solutions in the electricity sector."
"Storing electrons safely, inexpensively, and with virtually no battery degradation, has long been a strategic imperative for the global energy industry, drawing world-class brains to find a winning solution," said Ilya Golubovich of I2BF. "We are convinced that Primus Power has developed the ultimate electron warehouse. The technology is field-proven and the Company is at the right stage for I2BF to double down, and for RKNF to take a position. We're delighted to support the Primus team."
Primus Power CEO Tom Stepien thanked existing investors for their continued support, welcomed RKNF, and underscored the importance of Samruk-Energy's 1,250 battery offtake. He noted, "Primus is very fortunate to add another high-caliber international investor to our syndicate. Their participation highlights the need for low total cost-of-ownership energy storage solutions, and the commitment by major global players to support deployment of market-ready technology. Joining forces means we can accelerate our product shipments in North America, respond to important needs in countries with significant renewable energy plans like Kazakhstan, and form strong technology partnerships with innovative companies such as Samruk-Energy."
About I2BF Global Ventures
I2BF Global Ventures is an international technology focused venture capital firm with a global investment mandate. The mission of I2BF Global Ventures is to seek out technology companies and individual innovators that can deliver fundamental disruptions in the areas of cleantech, life sciences, information technology and aerospace. I2BF manages a portfolio of over 30 companies and total of $400 million in assets across five funds. In keeping with its worldwide investment the firm retains teams in New York, London, Moscow and Astana to ensure a truly global venture capital strategy and a hands-on management approach. Visit www.I2BF.com for more information or follow us @i2bf.
Samruk-Energy Joint Stock Company (JSC), together with its subsidiaries, is engaged in the production, transmission, distribution, and sale of electricity to households and industrial enterprises in Kazakhstan. It produces electricity using coal, hydrocarbons, water and solar resources. The company is also involved in the production of heat energy and hot water. In addition, it explores and develops gas fields; develops renewable electricity; constructs power stations; and leases power plants. The company was founded in 2007 and is headquartered in Astana, Kazakhstan. Samruk-Energy Joint Stock Company is a subsidiary of Samruk-Kazyna National Welfare Fund JSC. Website: www.Samruk-Energy.kz
About Primus Power
Primus Power is a leader in low-cost, stationary energy storage solutions with a scalable, distributed, multi-hour system that economically serves multiple storage applications. With 22 patented innovations in chemistry, cell design and system engineering, the Company's EnergyCells and EnergyPod® products offer exceptional power and energy density, reliability and portability at industry-low total cost of ownership. Follow Primus Power on Facebook, LinkedIn and Twitter, or visit us at www.primuspower.com
Primus Power, Primus Power's logo, EnergyPod, Smart Grid Storage, and Duration without Degradation are registered trademarks of Primus Power.
Visit Primus at Energy Storage North America in San Diego October 13-15, 2015 and join the tour of our storage + solar microgrid at the Marine Corps Air Station Miramar.
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