SPI 2016 - SimpliPhi Power Raises $2 Million to Meet Growing Demand for its Easy-to-Install Energy Storage Solutions
Profitable since 2013, company raises bridge round to take advantage of growing battery market
LAS VEGAS, Aug. 30, 2016 /PRNewswire/ -- SOLAR POWER INTERNATIONAL -- SimpliPhi Power announced the closing of a $2 million bridge round of financing in the run up to a Series A. The company's award-winning battery and recent plug-and-play storage solutions make adding energy storage to solar installations simple and cost-effective, capturing continued interest from the investment community.
Initially financed by friends and family in 2010 to expand into markets beyond the film and entertainment industry, SimpliPhi has since raised over $3.5 million. The company has been operating profitably since 2013, reinvesting its cash from revenue and operations year-over-year to expand manufacturing capacity, R&D and new product development.
The bridge funds allow the well-established company to expand its California-based manufacturing facility, where it produces its lithium ferrous phosphate energy storage and management solutions to serve the residential, commercial, military and entertainment markets, for both on and off grid applications. The new financing also continues the expansion of the company's robust product line and boosts production of the newly introduced plug-and-play Energy Storage System and high-voltage solutions.
"SimpliPhi Power has always maintained a disciplined, technology-centric approach to developing energy storage and management systems that solve real-world problems. By focusing on non-toxic and highly efficient solutions that seamlessly integrate with and optimize any power generation source, we have been able to manage our capex and cash flow extremely well," said SimpliPhi CEO Catherine Von Burg. "This new influx of money will amplify our efforts to expand the business, recruit top talent and support ongoing R&D and IP Library development - all helping to better position the company for its Series A round."
SimpliPhi Power technology utilizes patented, licensed lithium ferrous phosphate cells with state-of-the-art proprietary management boards, circuitry, cell architecture and methods of assembly to create safe, intelligent and energy dense storage and management systems. With mobile, grid-tied and off-grid applications in the field for more than a decade, SimpliPhi batteries feature the highest efficiency rate in the industry (98 percent), 10,000 cycle life and 100 percent depth of discharge. The compact, lightweight form factor does not require ventilation or cooling, is rated for outdoor installation and can operate at a wide temperature range of -4 to 140 degrees F (-20 to 60 C). SimpliPhi solutions integrate with all industry standard inverter charge controllers and come with a standard 10-year warranty, making them an ideal 'drop-in' replacement for existing lead acid battery banks and other applications.
About SimpliPhi Power
SimpliPhi Power designs and manufactures award-winning clean energy storage and management systems that utilize lithium ferrous phosphate chemistry. Founded in 2002 as LibertyPak/Optimized Energy Storage, California-based SimpliPhi combines non-toxic lithium ferrous phosphate chemistry with proprietary cell and battery architecture to create the most safe, reliable, durable and scalable on-demand power solutions available for the residential, commercial, military and film industries. Integral to all SimpliPhi solutions is a management system that further optimizes the lifetime performance and durability of its batteries. SimpliPhi Power storage system components are UL certified and have been rigorously tested and deployed by the U.S. Army and Marine Corps. For more information, please visit SimpliPhiPower.com and follow us on Twitter @SimpliPhiPower or on Facebook and LinkedIn.