UA Startup Picasolar Raises $1.2 Million in Equity Investments

Northwest Arkansas

by Talk Business & Politics ([email protected]) November 21, 2014 8:38 am 106 views 

Picasolar Inc., a solar start-up company affiliated with the University of Arkansas, recently raised $1.2 million in equity investments, the school announced Friday.

The investment funds came on top of funding through a prestigious SunShot Award by the U.S. Department of Energy.

“These investments are crucial toward helping Picasolar grow as a company,” Douglas Hutchings, Picasolar’s chief executive officer, said in a news release. “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.”

Separate from the equity investments, the U.S. Department of Energy awarded a SunShot Tier 1 Incubator Award to Picasolar last month. The $800,000 award through the U.S. Department of Energy SunShot Initiative will be matched by $200,000 from Picasolar, bringing the one-year project to $1 million.

Silicon Solar Solutions, Picasolar’s sister company, 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.

The new award for Picasolar is intended to accelerate the transition of early stage functional prototypes to manufacturing and a 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 at the University of Arkansas. Hutchings, who earned a doctorate in microelectronics-photonics at the UA in 2010, founded Silicon Solar Solutions in 2008 while a graduate student at the university.