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... [ MORE ]