Contact Information: Contact: Frank DeLattre President 714-386-3810 fdelattre@vyconenergy.com www.vyconenergy.com Agency Contact: PJ Jennings Jennings & Associates Communications, Inc. 760-471-7376 pj@jandacommunications.com www.jandacommunications.com
VYCON Secures Nearly $14 Million in Funding Led by the BankInvest Group
Investment Funds to Accelerate Manufacturing of Award-Winning Flywheel Systems Following Rapid Growth
| Source: VYCON
LOS ANGELES, CA--(Marketwire - January 20, 2010) - VYCON (www.vyconenergy.com), the designer
and manufacturer of award-winning environmentally friendly, high-speed DC
energy storage flywheel systems, today announced that it has closed a $13.7
million round of funding, which includes conversion of $6.5 million in
existing convertible notes and $1.1M of existing trade debt. 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."
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.
"Our advanced and highly efficient flywheel systems are helping customers
around the world use clean energy storage," said Frank DeLattre, president
of VYCON. "This latest round of funding will help us enhance our existing
award-winning product platforms and expand into new markets."
VYCON's innovative flywheel systems bring unprecedented power capacity for
instantaneous and reliable power backup and provide a greener solution over
uninterruptible power systems (UPSs) that are using chemical-based
batteries. In addition, VYCON's REGEN flywheel systems, used in
regenerative power applications such as cargo handling and light electric
rail, reduce power and energy costs for port and rail operators as well as
reduce green house gasses.
In the past year, VYCON received various industry accolades and product
awards. In addition, the company's product performance and reliability
garnered multiple unit wins and several repeat orders from existing
customers. Flywheel energy storage has become an important strategic
solution for today's mission-critical applications needing reliable power
while reducing their carbon footprint. In addition to working with data
centers and hospitals, VYCON worked closely with local port operators and
metro transit authorities to obtain American Recovery & Reinvestment Act of
2009 (ARRA) grant funding for projects using clean flywheel technology.
"We see tremendous opportunities for organizations to integrate our
flywheels into their energy infrastructure that will enable them to lower
operating costs and improve overall reliability and uptime of their
systems," added DeLattre.
About VYCON
VYCON is an innovator in the design and manufacture of technologically
advanced flywheel energy storage systems that enable a highly reliable,
cost-effective and "green" energy storage solution for a variety of
applications. The company's REGEN flywheel systems, used in regenerative
power applications such as container cargo handling crane applications and
light electric rail, reduce power and energy costs to port and rail
operators as well as provide a reduction in green house gasses. In
addition, VYCON's line of VDC and VDC-XE systems are deployed in
mission-critical operations around the world protecting critical computing
assets against costly power outages.
For more information on VYCON's innovative green power solutions, contact
VYCON at 714-386-3800 or visit VYCON's web site at: www.vyconenergy.com.