e-Chromic Technologies‘ released a press release yesterday which announced the first close of its’ $600,000 seed financing. It surfaced today that 49% of e-Chromic Technologies’ $600,000 unregistered private offering was placed on January 31st. The non-brokered equity securities were subscribed by three investors one of which was Amplifier Ventures a DC based seed stage investment firm. The first close garnered $290,000 and was led by Amplifier. The offering will remain open until January 2015 while an additional $310,000 worth of securities is sold to investors. The company doesn’t appear to have previously sold securities under a registration exemption with the SEC. The company has received about $400,000 in grants thus far.
e-Chromic Technologies has an exclusive commercialization agreement with the National Renewable Energy Lab (NREL) for patented electrochromic thin film technology which can be used to turn existing windows into highly energy efficient smart windows. When switched to reflective mode the film significantly reduce solar heating through windows and therefore dramatically reduce air conditioner usage. According to the Department of Energy models, the company’s reflective technology will deliver 43% greater energy savings than state of the art absorptive technologies at less than half the cost.
e-Chromic Technologies, registered in 2014, is headquartered in Niwot CO. It is led by Loren Burnett (Chief Executive Officer). Revenues were not disclosed. The board of directors includes Jonathan Aberman and Richelle Lyons Burnett.
Status: First close
Company: e-Chromic Technologies
Industry: Energy Conservation
Amount offered: $600,000
Amount placed: $290,000
First sale: 2014-01-31