Silent Power Raises $2 Million in Strategic Financing
Silent Power, Inc. announced the sale of approximately $2 million of the company’s Series A preferred stock. This round of financing will support the commercial deployment of Silent Power’s OnDemand energy storage systems and expand its distribution into new markets. Silent Power specializes in providing turn-key storage solutions for the challenges presented by integrating renewable energy and electric vehicle charging systems into utilities’ distribution systems and on customer premises.
The financing includes support from Hunt Technologies’ founder Paul Hunt, Wright-Hennepin Holding Company LLC, a subsidiary of Wright-Hennepin Cooperative Electric Association of Rockford, and strong ongoing support from existing investors.
"As a customer and distribution partner, we think Silent Power has put together a great and flexible solution for an application that’s poised for significant growth," said Mark Vogt, President and CEO of Wright-Hennepin. "Intelligent, distributed energy storage is a critical and scalable asset class that will help our industry manage the increasing penetration of renewable energy, as well as improve the quality and reliability of power we provide our customers. Locally, we believe Silent Power’s products will provide Wright-Hennepin’s members with superior options as they consider renewable energy investments for their homes and businesses."
England & Company served as exclusive financial advisor to Silent Power in this transaction. Silent Power also recently elected Vogt as the newest member of its board of directors.
"We are delighted to welcome Mark Vogt to the board," said Todd Headlee, CEO of Silent Power. "His expertise and industry insight will be essential as we expand our presence in the cooperatively owned utility markets around the nation and commercialize our energy storage technologies. We are honored to have the support of customers, fellow smart-grid innovators, and others involved in the financing. Our energy storage solutions are proven technologies that can help utilities rely on cleaner sources of energy and help homeowners seamlessly integrate renewable energy into their lives."