PBES and Virtue Investment Fund today announced the completion of terms and transfer of first tranche of funds for an investment into PBES’ parent company TTB Holdings. In a first investment phase Virtue Investment is initially investing up to $5M USD into the group and is committed to investing further during 2018. This investment will provide PBES energy storage both immediate and on going financial support to help develop global markets and position PBES for initial public offering in 2018.
“Virtue Investment Fund is the ideal partner to help PBES grow to the next level and deliver existing business,” said Brent Perry, PBES Chief Executive Officer. “We are very happy to have found the right partner to help us grow. In addition to becoming a shareholder in the group, Virtue Investment Fund is also committed to assisting PBES development in the fast growing Latin American region where it works with many large industrial companies.”
“We are pleased to announce the agreement with PBES,” stated Andreas Toth, CEO and founder of Virtue Investment Fund. “I have worked with the management team at PBES for some 9 months and have been impressed with how they continue to develop and evolve their business within the rapidly expanding energy storage sector. The future of energy generation will center around integrated energy storage and after careful evaluation, the advantages of PBES’ innovations such as liquid cooling and CellSwapTM became clear. The company’s solution driven values fit well with our own.”
The PBES energy storage system has been designed to the highest standards of performance, safety and sustainability. It is designed to seamlessly integrate with all types of power generation in a variety of applications.