NEWS & EVENTS

Deeya Energy Names Vic Mahadevan As A President And CEO

Freemont, CA and Guragon, India  (January 7, 2008) – Deeya Energy Inc., a clean energy technology company focused on developing and manufacturing novel energy storage systems, announced today the appointment of Vic Mahadevan as a President and CEO.

“Vic Mahadevan is a great choice to lead Deeya Energy as we advance our efforts to deliver breakthrough energy storage solution,” said Saroj Sahu, Deeya’s Founder and Chief Technology Officer. “His senior executive and startup experience  will be tremendously important as we  expand globally and develop and manufacture innovative products to address needs across several key industries.“
 
“Vic Mahadevan will help to ensure Deeya’s position as a global leader in the energy storage systems space,” said Sujit Banerjee, Partner of BlueRun Ventures. “Vic brings leadership and experience managing a rapidly growing business. We are very excited to welcome Vic to Deeya’s team.”

A widely respected leader, Mahadevan most recently was a CEO of four year old NeoEdge Networks, where he repositioned the company and built a strong management team. Prior to that he was a CEO of Maxxan Systems, Inc., and Ivita. Mr. Mahadevan  founded and built the Storage Division in Compaq Computer Corporation to a $4 billion unit. He is a graduate of University of Iowa and Indian Institute of Technology(IIT), Madras.

“We have an exciting opportunity to lead the next generation of clean energy storage systems,” said Mahadevan. “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. I am very excited to be part of this.”

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.

The company also announced today a $15 million Series B funding round, led by NEA with existing investors, BlueRun Ventures, Draper Fisher Jurvetson and DFJ Element participating.

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.