A North Carolina-based solar company has raised $875,000 in private equity, according to a filing with the Securities and Exchange Commission.
Koolbridge Solar Inc. filed a Form D signed by John Burnett, Paul Dent, Larry Zirbel, Phil Johnston, William Griffin and Bob Belts on Feb. 7.
The full $875,000 has been raised from 14 investors.
This is a new notice with the first date of sale on May 17, 2016.
Koolbridge Solar, formed in 2013, has patents and patents-pending in development of residential, commercial and solar farms.
Koolbridge Solar has a “Smart Load Center” where each individual breaker decides whether to use the electric or solar grid to save energy and money. The company has signed a five-year deal with North Carolina’s Clean Technology Energy Center.
Founded in 2013, the company is commercializaing the ideas of Dent, former chiefe scientist at Ericsson Mobile who fathered the Bluetooth technology. Dent started looking for ways for solar and utility power to interact less expensively and more reliably after a Carolinas storm knocked out his power.
CEO Burnett, who co-founded Remote Light previously, said the company’s load center “Has the capability of knowning when the least expensive power is available” in a newspaper interview.
Of the amount raised, $258,000 will go to executive salary. Of that, $84,000 will go to board chairman Burnett, $84,000 to director Dent, $60,000 to chief legal officer and director Johnston, $24,000 to chief executive officer Griffin and $6,000 to chief financial officer Belts for the first year.
The minimum amount from a single investor is $5,000. The offer is not being made in connection with a business combination transaction.
SEC filing
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism. WRAL reporters contributed to this article.
