|By Marketwired .||
|February 4, 2014 07:30 AM EST||
HAYWARD, CA -- (Marketwired) -- 02/04/14 -- Primus Power, a leader in grid-scale electrical energy storage, announced today that it has secured $20 million in the first close of its Series C financing. South Africa-based resource developer, Anglo American Platinum Limited (Anglo American Platinum), the world's leading primary producer of platinum group metals (PGMs), led the round with a major contribution from its PGM Development Fund. Primus has pioneered a new class of safe, low-cost, grid-scale electrical energy-storage solutions. The Company's zinc-based flow battery systems decouple instantaneous electricity demand from supply, bolstering the stability and security of the electric grid, and helping accelerate the penetration of wind and solar energy with superior economics compared to conventional solutions.
Primus has now raised $35 million in equity funding since its founding in mid-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), and the California Energy Commission (CEC).
Richard Willis of the PGM Development Fund joins Primus' Board of Directors. Existing investors also participated alongside PGM Development Fund. The new money supports 2014 customer shipments, transitioning the Company's manufacturing to a contract manufacturer, and expanding its sales and customer support organizations.
The timing is excellent. Commercialization of Primus' EnergyPod® containerized storage arrays is already underway. In the next year Primus will ship systems to investor-owned utilities, municipal utilities and microgrids at military bases. These shipments are an indicator of the increasing global demand for grid-scale energy storage, which is expected to grow at a compound annual rate of greater than 30% before 2020*. At that point, the worldwide market size is estimated at $21.9 billion*. Momentum is especially strong in California, thanks in part to a recent mandate by the California Public Utilities Commission (CPUC) that requires investor-owned utilities to procure 1,325 MW of energy storage by 2020.
Andrew Hinkly, Anglo American Platinum's Executive Head of Marketing, called Primus Power's solutions a game changer. "The EnergyPod® is a safe, low cost, power dense and ultra-reliable energy storage solution that installs rapidly. It is a differentiated product for mass deployment that integrates thoughtful design and utility-grade construction into a product that adds value at numerous locations along the electrical grid. This is a strategic investment for Anglo American Platinum. It is both good for business and for the environment."
"Anglo American Platinum's support is a welcome endorsement of our strategy, products and team," said Primus Power's CEO, Tom Stepien. "Beyond the investment, Anglo American Platinum is a valued partner and, as Primus expands internationally, they will provide a beachhead on the African continent. The new funds from Anglo American Platinum and other investors will help us accelerate our customer deliveries, grow our internal team and expand our product offerings."
*Source: Navigant Research
Primus Power, Primus Power's logo and EnergyPod are trademarks of Primus Power
About Anglo American Platinum
Anglo American Platinum Limited is a member of the Anglo American plc Group and is the world's leading primary producer of platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe and is actively exploring in Brazil. Anglo American Platinum has a number of joint ventures with several historically disadvantaged South African consortia as part of its commitment to the transformation of the mining industry. Anglo American Platinum is committed to the highest standards of safety and continues to make meaningful and sustainable difference in the development of the communities around its operations. www.angloplatinum.com
About PGM Development Fund
The PGM Development Fund is a private equity fund established to provide capital for further PGM market development and beneficiation particularly in Southern Africa. It is an Anglo American Platinum initiative managed by Douglas Investments and advised by Bryanston Resources. www.pgmdevelopmentfund.co.za
About Primus Power
Primus Power is a leader in low-cost, grid-scale energy storage solutions with a scalable, distributed, multi-hour system that economically serves multiple storage applications. With 14 patented innovations in chemistry, cell design and system engineering, the Company's EnergyPod® products offer exceptional power density, reliability and portability at industry-low prices. www.primuspower.com Follow Primus on Facebook, LinkedIn and Twitter.
Genuity PR for Primus Power
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 30, 2015 06:00 AM EST Reads: 382
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 30, 2015 05:30 AM EST Reads: 493
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 30, 2015 05:15 AM EST Reads: 248
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 30, 2015 04:00 AM EST Reads: 347
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 30, 2015 04:00 AM EST Reads: 606
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Nov. 30, 2015 03:45 AM EST Reads: 435
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Nov. 30, 2015 03:00 AM EST Reads: 511
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Nov. 30, 2015 02:00 AM EST Reads: 446
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 30, 2015 02:00 AM EST Reads: 448
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 30, 2015 12:00 AM EST Reads: 449
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 30, 2015 12:00 AM EST Reads: 418
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 29, 2015 04:00 PM EST Reads: 255
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 29, 2015 02:00 PM EST Reads: 488
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 29, 2015 01:00 PM EST Reads: 358
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 29, 2015 12:45 PM EST Reads: 423