Picasolar Lands $800,000 Energy Grant
by October 23, 2014 10:55 am 94 views
The U.S. Department of Energy has awarded a SunShot Tier 1 Incubator Award to Picasolar Inc., a start-up company affiliated with the University of Arkansas and founded by a graduate of the school.
The $800,000 award through the U.S. Department of Energy SunShot Initiative will be matched with $200,000 from Picasolar, bringing the one-year project to $1 million. The award is the result of the company’s patent-pending process to increase the efficiency of solar cells and could ultimately lead to new high-tech manufacturing jobs in Northwest Arkansas.
“We are very pleased to receive the continuation of funding from the SunShot Incubator Program,” said Picasolar CEO Douglas Hutchings. “The goal of the U.S. Department of Energy SunShot Initiative is to get solar energy to 6 cents per kilowatt hour by 2020 and in doing so making solar one of the most cost-effective forms of electricity generation on the planet. It is exciting to think that a technology invented in Fayetteville by UA graduates can play a big role in this process.”
Picasolar’s grant was casino spiele one of 20 to small businesses totaling more than $14 million that were announced on Wednesday, Oct. 22, by Energy Department Secretary Ernest Moniz.
“As U.S. solar installation increases and the cost of solar electricity continues to decline, solar energy is becoming an increasingly affordable clean energy option for more American families and businesses,” Moniz said. “The projects announced today will help the U.S. solar energy industry continue to grow, ensuring America can capitalize on its vast renewable energy sources, cut carbon pollution, and continue to lead in the world in clean energy innovation.”
One year ago, Silicon Solar Solutions, Picasolar’s sister company, received $500,000 for a SunShot Tier 0 Incubator Award, which is targeted for early-stage assistance to help startup companies commercialize their inventions while encouraging private sector investment. The new award is intended to accelerate the transition of early stage functional prototypes to manufacturing and commercially relevant prototype made in the lab.
Both Picasolar and Silicon Solar Solutions are Genesis Technology Incubator clients at the Arkansas Research and Technology Park.