NEW YORK, NY – Gaia Power Technologies, the leading provider of turnkey distributed energy management and storage systems, announced today that it has closed a $2.9 million round of Series B financing led by GHO Ventures and the New Jersey Tech Council Venture Fund. The financing will go to increase sales and marketing efforts for the company’s flagship PowerTower line of products.

"We are pleased that GHO Ventures and the NJTC Venture Fund continue to show confidence in our product and our team,” said Ms. Bige Doruk, President and CEO of Gaia Power Technologies. “This funding will allow us to expand our presence in the backup power market and also reach new customers in the utility and renewable energy markets."

Gaia’s PowerTower is a turnkey distributed energy storage and management system that uses high-capacity batteries to provide high quality supplemental power. Applications include reducing peak demand charges for businesses, improving power quality for homes and businesses, providing building-scale power in the event of a blackout or brownout, and improving the performance of renewable energy technologies. The PowerTower can integrate with generators and a variety of renewable energy sources, including solar panels andwind turbines. Gaia’s patent-pending communications and control suite remotely monitors and controls the PowerTower, can integrate with utility SCADA and other control software, and enables automated customer-side demand reduction.

The standard PowerTower has backup capacity to protect a typical home for the duration of 98% of all power outages. For larger houses, or longer outages, the unit's modular design makes it easy to add battery or power modules, ensuring a custom backup power solution sized to meet the needs of any home or business. In all configurations, the Gaia PowerTower installs easily by an electrician, and requires no special mounting, wiring, generator permitting, or digging. Since it requires no fuel storage and produces no emissions, the PowerTower is the efficient and environmentally friendly option for backup power.

This round of Series B financing follows a $2.25 million round of Series A financing closed in mid-2005.