New York City, Miami – October 24, 2005 – Fast Ventures client, Gaia Power Technologies, announced today that it has secured $2.25 million in Series A financing. The deal was funded by a diversified group of investors, spearheaded by GHO Ventures, the investment arm of entrepreneur and space traveler Greg Olsen. Other participants in this round included The NJTC Venture Fund and the Small Business Technology Investment Fund of the Empire State Development Corporation.

Olsen said he is investing in the company because of the significant market opportunity for energy storage in the broader power provision landscape. “I believe the time has come for turn-key, advanced energy storage systems within residences and businesses. Gaia has a keen understanding of the market and a product line that applies the compelling benefits of energy storage for a wide range of customers at the building scale. The investment opportunity is tremendous“, he said. 

Using high-capacity batteries, Gaia Power Technologies supplies supplemental power that can efficiently manage power sags and surges, reduce peak demand charges for a variety of commercial customers, and provide backup power in the event of power outages. Gaia’s Power Tower™ can easily be installed by a licensed electrician with no special wiring, mounting or digging required. The battery-based energy storage system is extremely environmentally friendly as it doesn’t generate noise and pollution levels typically associated with the operation of a gasoline-powered generator. 

“We are extremely thrilled to see Gaia Power Technologies advance to the next level”, says Mark Alexander, Director of Fast Ventures’ Technology Group in the United States. “With their collective experience in the advanced power management solutions sector and tailor-made line of products, they are poised to become a serious threat to any competitor in the field. We were very fortunate to be able to provide our expertise and support to such a unique group of talented entrepreneurs”.  

About Gaia Power Technologies, Inc:
Gaia Power Technologies, Inc. is an alternative energy company that is uniquely positioned to address the deficiencies in today’s electrical power supply landscape. The company focuses on providing quality electrical power and storage systems that improve the efficiency of power that is supplied over the electric grid while reducing monetary and environmental costs for its customers. For more information, please visit http://www.GaiaPowerTechnologies.com.

About Dr. Gregory Olsen PhD (GHO Ventures):
Dr. Gregory Olsen PhD is widely known for his ground-breaking work in the field of developing and manufacturing of optoelectronic devices for dense wavelength division multiplexing fiber optic systems, spectroscopy, photonic, and near infrared imagining devices. In 1984, he founded Epitaxx, Inc., a high-technology company based in Princeton, NJ, which manufactured fiber optic detectors and emitters. Epitaxx, Inc. was acquired by Nippon Sheet Glass in 1990. In 1991, he founded Senors Unlimited, which was acquired by Finisar Corp. in 2000, but became an independent private company in October 2002. More recently, in October 2005, he made headlines as he blasted off to the Internal Space Station as a paying member of a Russian-American space crew. 

About NJTC Venture Fund:
NJTC Venture Fund is an 80M early-stage venture capital fund investing in promising companies located in the New Jersey region. Industries of interest include communications, energy, information technology, healthcare, life sciences, and materials. NJTC Venture Fund will invest $250k - $5M per company and support its portfolio with an unparalleled network of local, active partners and advisors. NJTC Venture Fund is actively seeking new investments in seed and early stage companies. For more information, please visit http://www.njtcvc.com.

About the Small Business Technology Investment Fund:
The Small Business Technology Investment Fund (SBTIF) provides young high-tech companies throughout New York State with a source of venture capital to promote new job creation and economic growth. Areas of interest include advanced materials, electronics, biotechnology, communications, computer hardware & software, and energy. Typical investments range from $50,000 - $500,000. For more information, please visit http://www.empire.state.ny.us.

About Fast Ventures Corp.:
Fast Ventures aspires to be an architect of successful growth by helping its clients shape the direction of their businesses, challenge boundaries, and explore new growth opportunities. Over the last 4 years, Fast Ventures has emerged as a dominant force in strategic business development services for the technology industry and catered to the needs of more than 45 clients in the United States. For more information, please visit http://www.FastVentures.net.