Glacier Bay secures US$18 million in funding
By IBI Magazine
Glacier Bay, Inc., a California-based manufacturer of electric propulsion systems, said it has secured US$18 million of Series B equity funding. The manufacturer had previously gained Series A financing 18 months ago. "The new funding will allow us to accelerate our efforts to provide additional solutions and support to our key customers, while continuing to invest in additional research and development efforts," said Glacier Bay CEO Kurt Gallo in a statement. Glacier Bay has designed an integrated platform that synchronizes power production and consumption, while adjusting in real-time to changes in exterior conditions. According to the statement, the technology results in superior performance and increased fuel efficiency. The Series B funding was led by Quercus Trust, a leading clean technology investor, and existing Series A investor New Enterprises Associates (NEA). Ardour Capital Investments, LLC served as financial advisor in the transaction.
(4 March 2008)
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