Gridless Power Corporation Turns to NJ Covest Fund in Quest to Bring Renewable Energy to Customers Worldwide
Complements Earlier Funding Round Facilitated by EDA Networking Program
Under the director of company President Patrick Murphy, Chief Executive Officer Jason Halpern, and Chief Operating Officer Andrew Leonard, Gridless Power designs, manufactures, and markets portable rechargeable batteries that provide vital energy to areas around the world.
TRENTON, N.J. (April 10, 2018) – Funding approved today by the New Jersey Economic Development Authority (EDA) will help Collingswood-based Gridless Power Corporation further its mission to design, manufacture, and market portable rechargeable batteries that provide vital energy to areas around the world, often in extreme conditions.
The EDA approved a $250,000 loan through the NJ Covest Fund for the renewable energy company. Launched last year, the NJ Covest Fund is designed to help emerging technology companies bridge the funding gap between product development and commercialization and furthers the EDA’s ability to support businesses throughout their growth lifecycle. The Covest Fund loan is complementary to the company’s earlier round of A-1 financing. Several of the Angel investors that participated in this financing were introduced to Gridless by the EDA following the company’s participation in a NJ Founders and Funders event at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick.
“The NJ Covest Fund was created to ensure burgeoning companies have access to the capital that will improve their odds of making it to the next stage,” EDA CEO Tim Sullivan said. “Continually assessing and responding to the needs of technology businesses in all phases of growth will help to cultivate a robust and resilient innovation economy in New Jersey.”
Gridless batteries have powered emergency gear in Africa during the Ebola Crisis and were used by UNICEF after the Nepal earthquakes. More recently, Gridless technology was utilized after the Amtrak crash outside of Philadelphia and in Puerto Rico to power hurricane recovery efforts.
“When crisis strikes, those on the front lines turn to our innovative batteries and battery systems,” said Patrick Murphy, Co-Founder and President of Gridless Power. “Our technology is helping critical care providers all over the world rethink where power can go. The funding approved today will enable us to hire additional employees, further the design of our products, and reach more customers around the world.”
Gridless Power employs four people in New Jersey and plans to more than double in size over the next two years.
After graduating college in 2010, the primary challenge facing Murphy and his Gridless Power co-founder Jason Halpern was getting portable power to Halpern’s family farm. Soon after that, the company expanded its scope and began creating solar storage systems for the U.S. military.
When Superstorm Sandy hit New Jersey in 2012, emergency personnel conducting search-and-rescue operations turned to Gridless Power’s batteries to keep their energy and communications systems running. Since then, the company has expanded to support a variety of users, including construction projects, concerts, medical professionals, the Department of Homeland Security, and the cities of New York and Philadelphia. Gridless Power added event management to the industries its products support.
According to the company, a single charge from its proprietary Lithium Iron Phosphate Core7K battery – via solar energy, or a wall or car charge – can help power everyday appliances, including up to six months of talk and data on a cell phone, two months of active tablet, laptop or two-way radio communications, and eight hours of lighting for work sites.
The NJ CoVest Fund provides funding to New Jersey-based early-stage technology companies in the form of convertible notes with warrants, requiring a negative pledge and springing lien on protected intellectual property. With a total funding pool of $3 million, eligible technology companies can receive investments ranging from $100,000 to $250,000. NJ CoVest funds feature three percent interest and 10-year maturity, with no payments due for the first seven years.
Held semi-annually at CCIT, NJ Founders and Funders events enable early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
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