Thursday, March 10, 2011
PowerGenix In Traffic Light Deployment
San Diego-based PowerGenix, the developer of rechargeable Nickel-Zinc (NiZn) battery technology, said today that it has inked a deal to use its batteries in traffic light backups. PowerGenix said it has inked a deal with PSI Acquisition LLC to supply its battery cells for an uninterruptible power supply (UPS) used to back up traffic lights. Size of the deal was not disclosed. PowerGenix said its technology allows PSI Acquisition to make a smaller and lighter UPS than traditional, heavy lead-acid UPS systems. PowerGenix is venture backed by Advent International, Angeleno Investors, Bessemer Venture Partners, Braemar Energy Ventures, DFJ Element, GGV Capital, OnPoint Technologies, and Technology Partners.