Planetary Power Raises $3.4 Million in Series A Funding
REDMOND, WA–(Marketwired – June 14, 2016) – Planetary Power, developer of the HyGen hybrid generator, announced today that it has secured US$3.43 million in Series A funding. Investors are a mix of previous investors and new angel investors. This funding round follows Planetary Power’s previous seed funding by well-known investors including Miguel Forbes, Ross Perot …
REDMOND, WA–(Marketwired – June 14, 2016) – Planetary Power, developer of the HyGen hybrid generator, announced today that it has secured US$3.43 million in Series A funding. Investors are a mix of previous investors and new angel investors. This funding round follows Planetary Power’s previous seed funding by well-known investors including Miguel Forbes, Ross Perot Jr., Peter Diamandis, Richard Garriott de Cayeux and Eric Anderson. The capital will be used to finalize development and release of the HyGen hybrid generator to the telecom market where it will provide energy for off-grid telecom towers.
“We are pleased to have the support and confidence of our investors as we conclude the development of HyGen and prepare for introduction into the telecom market,” Joe Landon, CEO of Planetary Power said. “Our vision to provide efficient, reliable and secure power to off-grid telecom towers is coming to fruition. This financing has allowed us to build the leadership, engineering and design teams to take the lead in the market for efficient off-grid energy.”
Last year, Planetary Power made a significant shift in market focus to serve off-grid telecom towers. There are over one million cell towers around the world that are not connected to a reliable power grid, and the vast majority of these essential communication nodes run on conventional diesel generators that are inefficient and costly. Planetary Power has developed its HyGen hybrid generator specifically for deployment at off-grid telecom towers around the world. HyGen reduces emissions and operating expenses for telecom companies and mobile network operators while providing a conduit for reliable communication to those in emerging markets who rely on their mobile phones as their sole connection to the rest of the world.
In preparation for the launch of HyGen, Planetary Power has added multiple engineering, design and manufacturing resources. HyGen has undergone successful field trials, and will begin shipping to off-grid telecom towers in Latin America in the third quarter of this year.
About Planetary Power
Efficient and Reliable Energy Anywhere
Planetary Power’s vision is to make efficient and reliable energy accessible anywhere on the planet. Distributed — or off-grid — energy is the best way to bring power and connectivity to the billions who live off-grid today. Planetary Power’s hybrid power generation technology, HyGen, combines advanced generator technology with integrated energy storage for the most fuel-efficient, off-grid power available. HyGen also reduces fuel consumption by leveraging every available energy source at the site.
Planetary Power’s goal is to replace the diesel generators currently powering over one million off-grid telecommunications sites around the world. The company is backed by world-class investors who share a vision for a connected world powered by distributed energy. Learn more at planetarypower.com.