Blacklight Power Raises Millions in Financing Round

It looks like the recent efforts of Randell Mills and Blacklight Power in reaching out to the public and putting on demonstrations of their technology have been successful from a financial standpoint, at least.

Posted on the BLP website today is the following statement:

“On July 31, 2014, BlackLight Power closed on $11 M in private equity financing that was oversubscribed by $1 M.”

Also, on the BLP web site is an interview conducted by Sterling Allan and John Maguire with Randell Mills. Mills reports that the company is getting closer to commercialization and expresses confidence that they have now have a technological solution using the Sun Cell system which uses photovoltaic conversion system.

He mentions that the Blacklight power team is made up of 20 employees, and they have recently added another engineer. He says that they want to license their technology to all types of businesses with energy needs, and will be using a model where they will give equipment to distributors and they will share revenue from energy sales.

I didn’t hear a projected date for when the first BLP systems will be available commecially, but Mills said again that they have an agreement in place for some kind of energy distribution in Canada.

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