“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,” Landon, Planetary Power's CEO, said in a statement. “Our vision to provide efficient, reliable and secure power to off-grid telecom towers is coming to fruition. This financing round has allowed us to build the leadership, engineering and design teams to take the lead in the market for efficient off-grid energy.”
Planetary Power, founded in 2007, produces HyGen, a hybrid generator, which provides "a cost-effective, sustainable and reliable alternative to conventional generators, and supports a vital communication link to populations who live off-grid."
The recent money raised will help the company to bring HyGen generators to markets such as Latin America and the Caribbean, according to GeekWire. This funding, which follows a seeding round that included investors such as Miguel Forbes, Ross Perot Jr., Peter Diamandis, Richard Garriott de Cayeux and Eric Anderson, will allow Planetary Power to complete the "development and release of the HyGen hybrid generator to the telecom market where it will provide energy for off-grid telecom towers."
This news was first reported by Geekwire. Read the article here.