Wednesday, January 20, 2010

VYCON Gets $13.7M

Los Angeles-based VYCON, which manufactures high-speed, DC energy storage systems based on flywheel technology, said this morning that it has raised $13.7M in a new round of funding. The firm said the round was led by BankInvest Group, as well as new investors, and several of its existing investors. The firm said the investment included conversion of $6.5M of its existing convertible notes and $1.1M in existing trade debt. The firm said the new funding will go to ramp up manufacturing of its products, as well as for sales and marketing efforts. More information »

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