Why did we acquire SolRayo?
By acquiring SolRayo, and with its win of the grant from Wisconsin Energy Independence Fund (WEIF), much of our our cash expenses for the ultracapacitor effort will be covered. This will allow us to concentrate and accellerate both our development and marketing efforts.
SolRayo is an LLC based in Wisconsin and was founded by the same researchers who invented our ultracapacitor technology.
We’ve been paying the inventors and the University of Wisconsin for their help in developing the technology. This makes sense, since these are the people that came up with the idea and know the technology best.
Earlier this year, WEIF announced the availability of grants from the state to help pay for companies to establish renewable energy operations in Wisconsin. One of the requirements was that the applying company must have matching funds in the form of either “cash, in kind or other” contributions.
Since we've been doing ultracapacitor research in Wisconsin and since SolRayo is an established Wisconsin entity, we suggested that we would take a controlling interest in SolRayo if they applied for and won the grant. In exchange for the controlling interest, we will provide the "cash, in kind or other" contributions over the next 18 months.
The award was made, we formally acquired 50.01% of SolRayo and the state will provide $250,000 in grants to SolRayo.
This is a win for us – the state pays for much of the effort we would otherwise have had to pay for – and a win for the state of Wisconsin – they get Wisconsin people working on energy projects.
SolRayo is an LLC based in Wisconsin and was founded by the same researchers who invented our ultracapacitor technology.
We’ve been paying the inventors and the University of Wisconsin for their help in developing the technology. This makes sense, since these are the people that came up with the idea and know the technology best.
Earlier this year, WEIF announced the availability of grants from the state to help pay for companies to establish renewable energy operations in Wisconsin. One of the requirements was that the applying company must have matching funds in the form of either “cash, in kind or other” contributions.
Since we've been doing ultracapacitor research in Wisconsin and since SolRayo is an established Wisconsin entity, we suggested that we would take a controlling interest in SolRayo if they applied for and won the grant. In exchange for the controlling interest, we will provide the "cash, in kind or other" contributions over the next 18 months.
The award was made, we formally acquired 50.01% of SolRayo and the state will provide $250,000 in grants to SolRayo.
This is a win for us – the state pays for much of the effort we would otherwise have had to pay for – and a win for the state of Wisconsin – they get Wisconsin people working on energy projects.
posted by Enable IPC Corporation at
7:53 AM
0 Comments
