Battery News
FOR IMMEDIATE RELEASE
Battery Ventures Expands Clean Technology Investment Team
Nth Power’s David Dreessen Joins as Partner; Firm Promotes Jason Matlof to Partner
WELLESLEY, MA and MENLO PARK, CA; October 31, 2006 – Battery Ventures, a venture capital and private equity firm focused on investing in technology and innovation worldwide, today made two personnel announcements related to its clean technology investment focus. David Dreessen, most recently with Nth Power, has joined as Partner in Battery’s Menlo Park office. In his seven years with Nth Power, Dreessen worked on 16 clean technology investments, including Evergreen Solar (Nasdaq: ESLR) and Northern Power [acquired by Distributed Energy (Nasdaq: DESC)], and served in interim senior management positions for three portfolio companies. Battery also announced the promotion of Menlo Park-based Jason Matlof to Partner. Matlof joined Battery in early 2005 as a Venture Partner, and is actively involved with portfolio companies Advent Solar and Agito Networks.
“We’ve been concentrating on opportunities in clean technology for some time, and we’re fortunate to attract someone of David’s caliber to help expand our focus,” said Ken Lawler, General Partner at Battery Ventures and Advent Solar Board Member. “In addition to considerable energy market and investing expertise, he’s been an entrepreneur, which is vital to keeping pace with today’s innovation. David is a terrific complement to our resident experts, including Jason Matlof, who we’re pleased to promote to Partner in recognition of his contributions to the firm and to our portfolio.”
Battery has been analyzing investment opportunities in the energy market since 2004, and is currently focused on four clean technology sectors: Clean Energy, Clean Transportation, Clean Water and Clean Materials. The firm’s recent investments in the space include Advent Solar (back-contact solar cells and modules) and Lion Cells (lithium ion batteries). Battery is currently investing BV VII, a $450M fund.
“It’s no secret that there’s enormous potential in clean tech and talented entrepreneurs with world-changing ideas,” said Dreessen. “Joining Battery is an ideal way to pursue this area. The firm’s disciplined investment approach is precisely what’s required in a market with such rapid innovation and heavy competition. Without a well-studied method for evaluating the markets and technologies, you could easily invest in ‘science projects’ that have little potential to reach market or scale large enough to make a substantive difference to our energy challenges.”
According to Matlof, “Clean technology and energy present tremendous opportunity. The broader energy market includes some of the largest industries in the world, and they are currently going through major supply and demand disruptions. Market disruptions present an opportunity for entrepreneurs with new technology to create value that wasn’t previously possible, and our team is excited to be part of finding the new leaders in these domains.”
About David Dreessen
Dreessen joins Battery from Nth Power, an energy investment firm. Prior to Nth Power, he was a founding member of the Structure Group, which he helped build into a leading consulting and software firm serving the power industry. Before that, Dreessen was at Accenture where he focused on strategic, process, and system consulting for the deregulating power markets. Earlier in his career, Dreessen was a Naval officer and engineering program manager for the Naval Nuclear Propulsion Program Headquarters, which is responsible for all aspects of the design, operation, repair and disposal of U.S. Navy nuclear propulsion plants. Dreessen holds bachelor’s degrees in chemical engineering and economics from the University of California at Davis, and an MBA from Haas School of Business, UC Berkeley.
About Jason Matlof
Matlof joined Battery in early 2005 and was instrumental in the firm’s investments in Advent Solar and Agito Networks. Prior to Battery, he served as Vice President of Marketing and Business Development for Battery portfolio company Neoteris, which was acquired by NetScreen and then subsequently acquired by Juniper Networks. At Neoteris, Jason was responsible for developing and executing the company’s product strategy and establishing leadership within the emerging SSL VPN product category. Prior to Neoteris, Jason held a variety of executive positions at Cisco Systems, Ford Motor Company, Ericsson Raynet Corporation, and MPR Associates. Jason received a BA cum laude in Political Science from the University of California, Los Angeles and an MBA from Harvard Business School.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (AKAM), CBeyond (CBEY), LIFFE (acquired by Euronext), Neoteris (acquired by Netscreen), and SigmaTel (SGTL). Its current portfolio includes emerging firms such as Advent Solar, Lion Cells, Netezza, Spot Runner, and Tejas Networks, as well as more established companies such as ITA Software, Made2Manage, MetroPCS, and Nova Analytics.
From offices in Boston, Silicon Valley and Israel, Battery manages more than $2B in committed capital. For more information, visit www.battery.com.
Contact:
Karen Bommart
Battery Ventures
781-478-6672
kbommart@battery.com