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May 6, 2009

VC Firm, Technology Partners Leads $30 Million in Series C Funding for Deeya Energy, Inc.

Founded in 2004 and based in the heart of Silicon Valley, Deeya Energy has secured $30 million in series C funding led by Technology Partners with all existing investors participating. The company’s existing investors include DFJ, BlueRun Ventures, Element Partners, and New Enterprise Associates. Deeya Energy is a company that creates new innovative clean technology that provides alternative energy sources. Some of Deeya’s products include the Energy Storage Platform (ESP) using L-cell technology. Deeya’s main platform product is the ESP 24K, which achieves a new level of cost effectiveness and high performance. Furthermore the ESP 24K is environmentally friendly, unlike the traditional lead acid batteries used in many of the electronic gadgets used today.

Proceeds from this funding will be used to increase the production of Deeya’s new and innovative technologies. Because of Deeya’s unique place in the clean-tech marketplace, the company is undergoing rapid growth, even after receiving over $53 million in series B funding last year. As far as Ira Ehrinpreis, general partner at Technology Partners, is concerned, what also makes Deeya’s product so promising is that it has the potential to help the telecom industry save massive amounts of money on diesel fuels for their vehicles. The company’s technology is very clean as far as the environment is concerned and it is recyclable and nontoxic.

According to Sujit Banerjee, partner at BlueRun Ventures, BlueRun Ventures was eager to invest into Deeya at the very beginning because of its position to attract the needs of three sectors in the primary energy market. The fact that Deeya provides energy backup, renewable storage, and grid storage is the key that makes the company poised for success. BlueRun also sees Deeya’s model to be great for the telecom companies because of the vc firm’s experience with telecommunications and wireless industries.

Technology Partners likes to do business with entrepreneurs who have vision and the burning desire to build successful new companies. The vc firm mainly invests in seed and early stage companies, but will also invest in older companies if the opportunity has good promise. The most common investment strategy of Technology Partners is being the leader in an investment with other investors together. The average investment from Technology Partners is usually from $1 to $15 million but can also invest up to $30 million.

Founded in 1985, DFJ is a prominent vc firm that since its founding has invested in over 500 different company with a portfolio that spans over a whole array of different industries with such companies as Microsoft Hotmail, Skype, Interwoven, and others. DFJ likes to be actively involved with companies in its portfolio and will provide all the resources at its disposal for those companies’ success in the marketplace. DFJ has offices in the United States, China, and India.

BlueRun Ventures is a vc firm that has been around for at least ten years and has been working together with entrepreneurs who have innovative technologies and business models that will upset the marketplace on a massive scale. Some of the more successful companies, which BlueRun Ventures has invested in are PayPal, Good Media, FusionOne, MongoMusic, and others.

Element Partners is a private equity firm that invests solely in the energy and clean-tech industries. Element Partners mainly invests in entrepreneurs who have innovative technologies that are both environmental friendly and can go globally. Element Partners was founded in 1995 and manages more than $1.2 billion in capital within six partnerships. Other companies in Element Partners’ portfolio include CoalTek, BioFuelBox, DynaPump, Energex, Petra Solar, and others.

New Enterprise Associates (NEA) was founded in 1978 and has invested in over 550 different companies in the IT and healthcare industries. NEA takes pride in being the “entrepreneur’s vc firm,” and is dedicated to supporting its entrepreneurs with a deep and understanding team who are devoted to the entrepreneur’s success. NEA invests in all stages of a company’s life and some of NEA’s portfolio companies include Neutral Tandem, Alexza, Aradigm, 3com, AFOP, Astral Point Communications, and others.

For more information on Deeya Energy, Inc., click here.