SimpliPhi Power (Ojai, CA, U.S.) on August 30th, 2016 announced the closing of a USD 2 million financing.
The company's award-winning battery and
recent plug-and-play energy storage solutions to add energy storage to
solar photovoltaic (PV) installations simple and cost-effective, is
capturing continued interest from the investment community, the company
notes.
Initially financed by friends and family in 2010 to
expand into new markets, SimpliPhi has since raised over USD
3.5 million. The company has been operating profitably since 2013,
reinvesting its cash from revenue and operations year-over-year to
expand manufacturing capacity, R&D and new product development,
reads the press release.
The funds allow the company to expand its
California-based manufacturing facility, where it produces its lithium
ferrous phosphate energy storage and management systems for both on and
off grid applications.
The new financing also continues the expansion of
the company's product line and boosts production of the newly introduced
plug-and-play Energy Storage System and high-voltage solutions.
Focus on non-toxic and highly efficient energy storage solutions
“SimpliPhi Power has always maintained a
disciplined, technology-centric approach to developing energy storage
and management systems that solve real-world problems,” said SimpliPhi
CEO Catherine Von Burg.
“By focusing on non-toxic and highly efficient
solutions that seamlessly integrate with and optimize any power
generation source, we have been able to manage our capex and cash flow
extremely well. This new influx of money will amplify our efforts to
expand the business, recruit top talent and support ongoing R&D and
IP Library development – all helping to better position the company for
its Series A round.”
SimpliPhi Power technology utilizes patented,
licensed lithium ferrous phosphate cells with proprietary management
boards, circuitry, cell architecture and methods of assembly to create
safe, intelligent and energy dense storage and management systems.
source: http://www.solarserver.com
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