 "NEA Invests In Electrical Energy Storage Systems Company")
New Enterprise Associates (NEA) has announced an investment in Deeya Energy Inc., a clean energy technology company focused on developing and manufacturing energy storage systems. As a result of the investment, Ravi Viswanathan, NEA Partner, will join the board of Deeya Energy.
“Deeya’s application of its proprietary L-Cell technology to create high-performance, low-cost energy storage solutions is among the most promising developments to date within the clean tech industry,” said Viswanathan. “Power availability and quality will be increasingly important global issues, particularly critical in developing regions, and Deeya has an opportunity to address a broad range of market opportunities within that space.”
“We are pleased to have NEA’s support as we advance our efforts to deliver a breakthrough energy storage solution,” said Saroj Sahu, Deeya’s Founder and Chief Technology Officer. “The firm’s energy industry and business expertise, and expanding global presence, will be a tremendous asset as we develop and manufacture innovative products to address needs across several key industries, including peak-off-peak load shifting, renewable energy and uninterruptible power supplies.”
“Deeya’s current focus is to be the supplier of choice to telecom operators in India with our innovative flow battery solution for cell phone tower energy back-up applications,” said Vic Mahadevan, CEO of Deeya Energy. “This will allow the telecom operators to expand their market rapidly by deep penetration into India’s villages with a cost effective and high performance energy storage platform.”