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Varentec, a technology company at the intersection of power electronics and the electric grid, closed a $7.7M Series A funding round in late 2011 led by Khosla Ventures, a clean tech venture capital firm located in Menlo Park, CA. Varentec also announced that Dr. Deepak Divan will lead the company as President and CTO. Dr. Deepak Divan is an industry veteran, with over 35 years of experience as an entrepreneur and as an academic. He is an IEEE Fellow, a recipient of the IEEE William E. Newell Field Award in power electronics, and is past President of the IEEE Power Electronics Society.

Concurrently, Varentec announced an award of a Department of Energy ARPA-E grant of $5M to demonstrate 'power routers' that can control power flows on the electric grid, to potentially enable higher levels of green energy integration while reducing the build-out of new grid infrastructure. Partner organizations include Electric Power Research Institute, Waukesha/SPX, and the NEETRAC center at the Georgia Institute of Technology. Varentec's mission is to deliver new dynamic control functionality that can help utilities transform their power delivery infrastructure in a cost effective manner.