Vancouver, BC, June 6, 2011 — GreenAngel Energy Corp (“GreenAngel”) (TSX-V: GAE) reports that investee company Delaware Power Systems (“DPS” www.delpowersys.com) have closed a financing round totaling 2.1 million dollars.
To date, DPS has raised over $9.1 million since inception. The financing was completed at a valuation representing a 40% increase in the value of GreenAngel’s DPS holdings.
The funding will allow DPS to continue with commercializing its Integrated Battery Platform™ that enables electric vehicle power train components to interconnect and be intelligently managed as a single system.
Commented DPS CEO Kyle Wang, “We realized what we are building is a larger opportunity than we ever thought while growing at a breakneck speed. Demand for our battery platform technology has been incredible. Our scalable solutions support a wide variety of vehicles sizes ranging from scooters and motorcycles to electric cars and buses. This new funding will help DPS continue to grow and build out the supply chain necessary to service early customers.”
“GreenAngel is incredibly excited by Delaware’s progress. Kyle and the entire DPS team have surpassed all of their milestones since our seed investment,” reported Michael Volker, Chairman of GreenAngel Energy. “With the explosive growth potential of electric vehicles we believe the company is very well positioned in this dynamic market and we look forward to working with the team during their next growth phase.”
About GreenAngel Energy
GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also mentors and advises investees to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Carbon Assets, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
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Bob de Wit, CEO
Disclaimer for Forward-Looking Information
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