Etalim expecting investment infusion in 2010
2009 second-prize winner, Etalim Inc., is expecting to realize up to $8 million from its first round of financing, which is expected to close this summer.
Etalim’s novel solar-power technology can inexpensively convert the sun’s heat, or any fuel, into emission-free electricity. Serial entrepreneur and CEO Ron Klopfer says an Etalim power plant can capture the sunlight falling on an area of land the size of a football field to power 500 homes without creating any CO2 emissions.
The company plans to complete a demonstration unit by June and expects to go to market in 2012.
Etalim has five employees and expects to hire an additional 15-20 engineers this year.
Highlights over the past year:
- Employee Growth: static but expects to hire 15-20 engineers in 2010
- Investment: an expected $8 million by summer 2010
- Market value: expects to double in value once the demo unit is complete
