Apollo Solar, a Bethel, Connecticut-based company that designs and manufactures power electronics for solar energy systems, announced earlier this week that it raised $4.5 Million in a private offering of preferred stock. The company said that it will use these funds for marketing and manufacturing.
"The global PV market now requires reliable and easy-to-install electronics that optimize power production and offer remote data-monitoring that can quantify system performance," said John Pfeifer, President/CEO of Apollo Solar. "With this working capital, we can meet the production demand for our power management centers that improve the solar value proposition, even when installed in remote locales with extreme environments."
Apollo Solar was founded in 2002 as a spin-off of Electronic Design Lab (EDL) and provides inverters, charge controllers, and communications modules that are integrated into photovoltaic (PV) power management centers. Earlier this year the company was awarded a contract by the U.S. Department of Energy, as part of the Solar Energy Grid Integration Systems (SEGIS) program, for the development of next-generation inverters and energy management systems.
For more information:
- Apollo Solar - Home page
- Apollo Solar Completes US$4.5M Private Offering (October 6, 2008)
- Apollo Solar Awarded $4.1M Contract to Develop Innovative Energy (August 28, 2008)