New York, NY, Oct. 25, 2005 — Gaia Power Technologies Inc., a manufacturer of devices designed to overcome deficiencies in the nation’s electricity infrastructure, has secured $2.25 million in Series A financing, which will allow the firm to expand its manufacturing operations, as well as intensify sales and marketing efforts.
The funding came from a diversified group of investors, signifying the increasing interest in energy-related issues. The lead investor was GHO Ventures, the investment vehicle of Greg Olsen, the American entrepreneur and scientist who recently traveled to the International Space Station for 10 days.
Other funding partners included The NJTC Venture Fund and the Small Business Technology Investment Fund of the Empire State Development Corporation.
Bige Doruk, Gaia Power Technologies’ founder, chief executive officer and president, said the funding will pave the way to Gaia’s pursuit of more significant milestones in the alternative energy field.
Olsen, who is also chairman of Sensors Unlimited, a New Jersey-based company that develops and manufactures infrared cameras, said he is investing in the company because of the significant market opportunity for energy storage in the broader power provision landscape.
“I believe the time has come for turn-key, advanced energy storage systems within residences and businessesà¯¿½ The investment opportunity is tremendous,” he said.
Gaia’s flagship product, the PowerTower, is designed to remove inefficiencies that are inherent in the electrical transmission system. Using high-capacity batteries, it provides supplemental power that can reduce peak demand charges for businesses, remove sags and surges in local electricity and also provide building-scale power in the event of a blackout or brownout. Its products are also fully capable with renewable energy sources, including solar panels and fuel cells.
Recently, Gaia was involved in a high-profile project in Delhi, N.Y. sponsored by the Delaware County Electric Cooperative and the U.S. Department of Energy to determine the feasibility of alternative energy usage in the home. As part of that trial, the PowerTower is currently operating in a Delhi home. The company has also installed units in three Manhattan outlets of a major national coffee retailer. Units have also been sold to private homeowners in Vermont.