EXPANSION CAPITAL PARTNERS LEADS $5.4 MILLION FINANCING
OF WORLD ENERGY LABS
Clean Technology Venture Capital Fund Increases Investment in Battery and Electrochemical Diagnostic Software and Instrumentation Leader
San Francisco – July 16, 2007 – Expansion Capital Partners, LLC, a leading Clean Technology venture capital firm, today announced an additional $2 million investment as part of an expanded $8.5 million Series B venture investment round into World Energy Labs, an electrochemical diagnostic software and instrumentation company serving global markets in energy, life sciences and structural corrosion analysis. The investment was made by Clean Technology Fund II, LP, which is managed by Expansion Capital. World Energy Labs will use the capital to meet growing customer demand by expanding Manufacturing, Sales & Marketing, and technical application support.
World Energy Labs provides a diversified software and handheld instrumentation product line including the Interrogator™ 4210 ElectroChemical Battery Analyzer, the 5210 Fuel Cell Analyzer – the world’s only Handheld Fuel Cell Tester, the 7210 Structural Corrosion Analyzer and the 8210 Frequency Response Analyzer (FRA). The Interrogator™ provides the power of a $50,000 benchtop FRA to field technicians in a compact, user-friendly instrument, at a fraction of the price.
The Interrogator™ can be used for testing many electrochemical systems including batteries, fuel cells, super capacitors, and can also detect metal corrosion on ships, bridges and pipelines. The Interrogator™ contributes to a cleaner, more reliable energy environment by enabling the confident deployment of new energy systems while simultaneously reducing service and maintenance costs, and extending the useful life of critical energy storage components.
At the core of the Interrogator™ capabilities is World Energy Labs’ proprietary CEL-Scan™ (Chemical- Electrical- Layer Scan) Technology. This innovation combines state-of the-art frequency response analysis (FRA), advanced pattern recognition, electrochemical algorithm generation and high-speed signal processing to make the Interrogator™ one of the most accurate, portable and cost effective test systems available.
Mark Donohue , a General Partner of Expansion Capital who serves as Chairman of the Board of World Energy Labs, said, “We have increased our financing of World Energy Labs to accelerate the company’s delivery of a unique solution to the energy storage and backup power systems market. Reliable power is mission critical to industries across the world, from data centers, to cell towers, to utility switching stations. World Energy Labs’ Interrogator solution helps these organizations operate more reliably, reduce maintenance costs, and extend the life-cycle of expensive and environmentally hazardous batteries.”
Sean Salloux, CEO of World Energy Labs stated, “Expansion Capital’s deep partnership with World Energy Labs provides us the resources to increase the size and scope of our sales and marketing operations while also expanding our manufacturing facilities, which recently relocated to Intel’s first facility in Mountain View. We will focus our efforts on large industries that must reduce their risk of power failure – namely companies that work in the following markets: power utilities, telecommunications and uninterruptible power supply (UPS). Additionally, we are continuing to expand our strong relationships with key Fortune 1000 customers”.
About Expansion Capital Partners, LLC
Founded in 2002, Expansion Capital invests venture capital exclusively in expansion-stage Clean Technology enterprises. The firm targets companies that offer dramatic improvements in resource efficiency and productivity, while creating more economic value with less energy and materials, and/or less waste and toxicity. Clean Technology Fund II, LP, invests in U.S. and Canadian enterprises with current customer revenues of $2-$30 million, combined with solid prospects of attaining $30-$100 million in revenues within 3-5 years. The Fund makes initial investments of $2 million to $8 million, with its team taking active, value-add board roles. Expansion Capital has offices in San Francisco and New York. Further information can be found at www.expansioncapital.com or by calling Kjartan Jansen at Expansion Capital Partners, (415) 788-8825.
About World Energy Labs
Established in 1999, World Energy Labs is a global, electrochemical diagnostic software and instrumentation company with headquarters in Mountain View, California. World Energy Labs enables leading companies around the world to advance their business in batteries, fuel cells and other electrochemical systems, through the benefits of the Interrogator ™ 4200, 5200, 6200, 7200 and 8200 series analyzers and software products with CEL-Scan ™ technology. Contact World Energy Labs or visit their website for further information ( www.worldenergylabs.com)
Press Contacts:
Alex Sloan, Principal (Expansion Capital Partners)
Email: [email protected]
(415) 788-8829
Sean Salloux, CEO (World Energy Labs)
Email: [email protected]
(650) 990-4600