Thursday, February 15, 2007

Prism Solar Technologies (PST) closes $1.15MM in bridge-round financing.

Prism Solar Technologies, Inc. (PST), has closed on a bridge-round of equity financing toward its Series "A" financing. After securing investment of $900,000, PST has received an additional $1,150,000 investment from CounterPoint Ventures, Phoenix-Fire II LLC,, Inc. and individual investors as part of its equity financing to commercialize its patented holographic PV technology.
Through passive tracking, Prism's Holographic Planar Concentrator (HPC) technology can achieve higher output in the morning and late afternoon while reducing the amount of expensive silicon necessary in a module. Prism PV modules minimize the use of expensive solar cells in our modules but still maintain above average output.
PST continues to make advances on the business front and is in discussions with international PV companies regarding joint ventures and licensing of its holographic film and glass products.
"This funding will allow us to accelerate the development of our second generation of products", said Rick Lewandowski, Prism's President and CEO. "We will also be able to facilitate our R&D effort more extensively."

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