Bill Watkins CEO, Imergy Power Systems

Imergy Power Systems, Inc., formerly Deeya Energy, in advanced energy storage systems, announced that Bill Watkins, 59, has become CEO and will lead a new management team as the company embarks on an expansion strategy.

The new leadership team brings unique expertise in manufacturing, battery technology, electricity markets and rapidly scaling operations that will be instrumental in helping Imergy Power bring its innovative flow battery technology and energy storage solutions to a wider range of customers.

 Watkins has over 30 years of experience in managing high technology companies. Most recently, he served as the CEO at LED technology provider Bridgelux and CEO of Seagate, the world’s leading HDD manufacturer. He serves on the board of directors of both Flextronics and Maxim Integrated Products.

Tim Hennessy, EVP sales and marketing, most recently served as president of Prudent Energy, a manufacturer of flow batteries in China, and CEO of VRB Power Systems, another flow battery maker. Jack Jenkins-Stark, CFO, was previously the CFO of solar developer BrightSource Energy and prior to that CFO of Silicon Valley Bank.

Imergy Power specializes in a flow battery system which is a cost-effective energy storage solution. Utilizing the company’s proprietary Vanadium electrolyte, it has a path to less than $300 per kilowatt hour energy storage products by 2015.

“Energy storage is one of the biggest opportunities in all of technology. The power industry right now is the ultimate just-in-time business. Utilities have to deliver power as soon as they make it,” said Watkins. “By making energy storage feasible, we can help expand the market for intermittent renewables, reduce the likelihood of blackouts and even let homeowners become energy self-sufficient.”

To date, Imergy Power has largely targeted its products as backup solutions for telecommunications providers. Going forward, Imergy Power is targeting broader markets, producing products that can be employed to maximize power output from solar arrays, manage community microgrids or help industrial and commercial customers reduce peak power to avoid hefty demand charges that can account for 30% of their utility bill.

“The clean technology revolution is just starting. Solar power is growing at a rapid clip in many markets while Electric Vehicle sales continue to climb. Energy storage will become the fabric that ties these disparate applications together,” said Ira Ehrenpreis, Imergy Power board member and general partner of Technology Partners, Imergy Power’s lead VC investor. “Bill, Tim and Jack bring to Imergy Power an unmatched level of talent and experience, and a wealth of relationships that will enable the company to thrive.”

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