Yotta has raised $1.5 million in seed funding and an additional $300,000 in grants for the continued development and commercialization of the SolarLEAF™, a simple and affordable energy storage technology with smart thermal protection. The new funding allows Yotta to expand its beta testing to several new installations with strategic partners.
Yotta has accelerated fundraising efforts in pursuit of Series A equity financing, which will be used to advance beta testing into commercialization, including bankability study and UL certification.
"With the tremendous market opportunities we are seeing, it makes sense for us to ramp up our fundraising efforts so we're in a solid position to respond as the market continues to gain speed," said Yotta CEO Omeed Badkoobeh. "It's important for Yotta to take advantage of the gap we see in the C&I market, and we're prepared to do that."
Backed by a strong IP portfolio, the SolarLEAF™ simplifies solar-integrated energy storage by making it safe, easy, and cost-effective for developers, installers, and consumers. Yotta's smart and elegant engineering has caught the attention of investors and strategic partners alike. Yotta has teamed up with PanelClaw, a leading roof racking provider for flat roof systems, and a tier 1 developer of lithium- ion batteries.
In addition to its fundraising success, Yotta announced that it has tapped Phil Gilchrist, formerly of SunPower, as the company's Director of Mechanical Design Engineering and Jeff Williams, formerly of Draker, as Director of Electrical Engineering. Now, with over 100 years of combined energy industry experience in product commercialization, the Yotta management team is poised to help lead the transition to renewables with the SolarLEAF™
Jeff Williams, who has served Yotta as an advisor, officially joined the Yotta team this spring. He has over 30 years of electrical engineering experience and 10 years in the solar and power industries. Jeff has a master's degree in Electrical Engineering from Texas A&M University.
Joining Yotta in 2019, Phil Gilchrist brings over 30 years of industry experience to the management team. Phil spent several years working at the director level at SunPower and graduated from the University of Texas at Austin with a degree in Mechanical Engineering.