Picasolar, a startup company in the solar energy field, says it raised $1.2 million in equity investments in its latest fundraising efforts.
The investment funds came on top of funding from a recent U.S. Department of Energy SunShot Award, which garnered Picasolar $800,000.
“These investments are crucial toward helping Picasolar grow as a company,” said Douglas Hutchings, Picasolar’s CEO. “Some of these investors had never invested in an Arkansas company. Our patent-pending technology could save an average-sized solar panel manufacturer $120 million annually, making the panels, and solar energy, more affordable for consumers.”
Hutchings said the $1.2 million was raised through $600,000 from private investors that was matched dollar-for-dollar by the Arkansas Development Finance Authority through the authority’s co-investment fund.
“We are excited to be able to partner with a company like Picasolar,” said Gene Eagle, president of the Arkansas Development Finance Authority. “This company has a strong team with experience and skills to move the company forward. Emerging businesses like Picasolar are significant creators of new, high-paying jobs in Arkansas.”
Picasolar’s sister company, Silicon Solar Solutions also received a SunShot incubator award a year ago targeted for early-stage assistance to help startup companies commercialize their inventions while encouraging private sector investment.
Both Picasolar and Silicon Solar Solutions are Genesis Technology Incubator clients at the Arkansas Research and Technology Park at the University of Arkansas. Hutchings founded Silicon Solar Solutions in 2008 while a graduate student at the university.