VYCON Secures Nearly $14 Million for Flywheel Production Ramp Up

January 22, 2010 – Vol.14 No.44

VYCON Secures Nearly $14 Million for Flywheel Production Ramp Up.

VYCON, of Los Angeles, California, a designer and manufacturer of high-speed DC energy storage flywheel systems, has 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.

“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,” said Vatche Artinian, CEO of VYCON.

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.

VYCON’s wheel systems provide instantaneous and reliable power backup that don’t require 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 greenhouse gasses. (1/20/10)

Links:

VYCON
http://www.vyconenergy.com

Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No