NEA Invests in Deeya Energy

Gurgaon- and Silicon Valley-based company is developing electrical energy
storage systems designed for greater performance levels and cost efficiency

MENLO PARK, Calif. and BANGALORE, India, Jan. 7 /PRNewswire/ -- New
Enterprise Associates (NEA), a leading U.S.-based venture capital firm, today
announced an investment in Deeya Energy Inc., a clean energy technology
company focused on developing and manufacturing novel energy storage systems.
The company will use the $15 million from the Series B round, led by NEA and
including funds from existing investors BlueRun Ventures, Draper Fisher
Jurvetson (DFJ) and DFJ Element, to support the construction of its factory in
Gurgaon, India and its continued R&D activities. As a result of the
investment, Ravi Viswanathan, NEA Partner, will join the board of Deeya
Energy.
"Deeya's application of its proprietary L-Cell technology to create high-
performance, low-cost energy storage solutions is among the most promising
developments to date within the clean tech industry," said Mr. Viswanathan.
"Power availability and quality will be increasingly important global issues,
particularly critical in developing regions, and Deeya has an opportunity to
address a broad range of market opportunities within that space."
Deeya L-Cells offer superior charging and discharging performance compared
to other batteries and are significantly cheaper. The life time of a Deeya L-
Cell is 7 years, after which it can be refurbished and recycled with minimal
cost. L-Cells are estimated to be cost-competitive with lead-acid batteries,
and about 10-20 times cheaper than NiMH, Li-lon and Fuel Cell options.
Additionally, L-Cells contain environmentally benign materials and are
infinitely recyclable, as opposed to the kinds of materials used in other
batteries, such as lead-acid. The initial focus of the company is the Indian
telecom infrastructure market.
"We are pleased to have NEA's support as we advance our efforts to deliver
a breakthrough energy storage solution," said Saroj Sahu, Deeya's Founder and
Chief Technology Officer. "The firm's energy industry and business expertise,
and expanding global presence, will be a tremendous asset as we develop and
manufacture innovative products to address needs across several key
industries, including peak-off-peak load shifting, renewable energy and
uninterruptible power supplies."
"Deeya's current focus is to be the supplier of choice to telecom
operators in India with our innovative flow battery solution for cell phone
tower energy back-up applications," said Vic Mahadevan, CEO of Deeya Energy.
"This will allow the telecom operators to expand their market rapidly by deep
penetration into India's villages with a cost effective and high performance
energy storage platform."
About NEA
New Enterprise Associates (NEA) is a leading venture capital firm focused
on helping entrepreneurs create and build major new enterprises that use
technology to improve the way we live, work and play. Since its founding in
1978, the firm has followed the same core principles: supporting its
entrepreneurs, providing an excellent return to its limited partners, and
practicing its profession with the highest standards and respect. NEA focuses
on investments at all stages of a company's development, from seed stage
through IPO. With approximately $8.5 billion in committed capital, NEA's
experienced management team has invested in over 550 companies, of which more
than 160 have gone public and more than 230 have been acquired. NEA has U.S.
offices in Chevy Chase, Maryland; Menlo Park, California; and Baltimore,
Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an
office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has
offices in Beijing and Shanghai, China. For additional information, visit
www.nea.com.
About Deeya Energy
Deeya Energy Inc. is a Freemont, California-based developer of energy
storage devices for the load-shifting, uninterruptible power supply and
renewable energy markets. Deeya's investors include BlueRun Ventures, Draper
Fisher Jurvetson, DFJ Element and New Enterprise Associates. For more
information, visit www.deeyaenergy.com.
About BlueRun Ventures
Launched in 1998, BlueRun Ventures is a leading early stage venture
capital fund. Blue Run Ventures' proven approach is to invest globally as a
single fund in best-of-breed technologies and teams with the drive and ability
to build leading global companies. BlueRun Ventures is headquartered in Menlo
Park, California, with offices in Beijing, Helsinki, Herzelia (Israel),
Mumbai, Seoul, and Shanghai. For more information, visit www.brv.com.
SOURCE New Enterprise Associates

Kate Barrett, New Enterprise Associates, +1-301-272-2318, kbarrett@nea.com, or
Melissa Arulappan, Weber Shandwick, +91-80-2520-1537,
Melissa@corvoshandwick.co.in