EnStorage raises $15M Series B financing led by Warburg Pincus

Israeli fuel cell start-up EnStorage Ltd. has raised $15 million in a Series B financing round.

U.S. private equity fund Warburg Pincus led the round, and was joined by all of EnStorage's current investors, including Greylock Partners, Canaan Partners, Siemens TTB, and Wellington Partners, according to a report in "Globes".

EnStorage was founded in 2007 by VP R&D Dr. Arnon Blum, Chief Scientific Officer Prof. Emanuel Peled of Tel Aviv University, Chairman Nachman Shelef, and former CEO Eran Yarkoni.

EnStorage is developing and commercializing energy storage systems, based on technology developed for over by Prof. Emanuel Peled and his team at Tel Aviv University. The technology is licensed from Ramot, the technology transfer company of Tel Aviv University.

According to the EnStorage web site, James Levy, a Principal at Warburg Pincus, has joined the EnStorage Board of Directors.

EnStorage raised a $2 million Series A financing in January 2008.

Eran Yarkoni was the featured speaker at the first CleanIsrael Meetup in March 2008. Congratulations to the EnStorage team for the Series B financing!

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Sources inform ''Globes'' that Israeli cleantech start-up EnStorage Ltd. has completed a $2 million financing round from Greylock Partners, Canaan Partners of the US, and Siemens TTB This is Greylock and Canaan Partners' first investment in an Israeli cleantech company.

EnStorage CEO Eran Yarkoni, CTO Prof. Emanuel Peled, and VP R&D Dr. Arnon Blum founded the company a year ago. The company is based on Peled's research and is operating in stealth mode.

According to IVC Online, EnStorage is developing a low-cost regenerative fuel cell energy-storage-system (ESS) for power grid load leveling and for capacity firming of solar and wind power generation plants. The company claims that its ESS is smaller, more efficient and lower-cost than other energy storage systems.

According to the U.S. Department of Energy, regenerative fuel cells produce electricity from hydrogen and oxygen and generate heat and water as byproducts, just like other fuel cells. However, regenerative fuel cell systems can also use electricity from solar power or some other source to divide the excess water into oxygen and hydrogen fuel—this process is called "electrolysis." This is a comparatively young fuel cell technology being developed by NASA and others.