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Xtreme Power Gets $29.5 Million for Utility-Scale Energy Storage

Xtreme Power, a provider of Dynamic Power Resources (DPRs) for utility-scale power management and energy storage systems, recently 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. Additional investors include POSCO ICT and SkyLake & Co. Umesh Padval, a Partner with Bessemer Venture Partners, and Walter Schindler, Managing Partner at SAIL Venture Partners, have joined the Board of Directors. The financing will support Xtreme Power's technology development, production expansion, and large-scale power projects.

By combining sophisticated power management and large-scale energy storage, Xtreme Power's Dynamic Power Resources address one of the biggest problems utilities face in harnessing renewable energy: its intermittent nature. According to the company, Dynamic Power Resources help solve this problem by converting variable wind and solar power into consistent, reliable streams of energy and significantly reducing the need for fossil fuel-burning peaking power units. Systems have reportedly been successfully implemented at sites around the world, with units at the South Pole and on the largest operating wind farm in Hawaii.

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.