PowerGenix Gets Chinese Win

San Diego-based PowerGenix, a developer of nickel-zinc, rechargeable batteries, said this morning that the firm has scored a deal with PowerEagle, a manufacturer of electric bicycles. Financial impact of the deal was not disclosed. According to PowerGenix, PowerEagle, which is based in China, will use its products across its entire product line offered by its North American partner Veloteq. Veloteq is a manufacturer of electric bicycles and motorcycles. PowerGenix is venture-backed by Advent International, Angeleno Investors, Braemar Energy Ventures, DFJ Element, GGV Capital, OnPoint Technologies, and Technology Partners.