Promethean Power Systems designs and manufactures rural refrigeration systems for commercial cold-storage applications in off-grid.
Business Model:
Revenue: $0
Employees: 11-50
Address: 28 Dane St
City: Somerville
State: MA
Zip: 02143
Country: US
Promethean Power Systems designs and manufactures rural refrigeration systems for commercial cold-storage applications in off-grid. Dairy processors who have not been able to collect enough quality milk to meet demand, which is growing at 6% annually. Milk producers whose milk gets spoiled because it is not collected in time are also beneficiaries, though they cannot afford the purchase price of the chillers. The system preserves milk at the village level, which reduces spoilage and transportation costs for processors, leading to increased farmer incomes. &l;BR/&g; The chillers enable processors to collect milk that has been chilled at the source, which improves the quality of milk and enables them to collect from isolated dairy villages. &l;BR/&g; The system is powered by the grid and by a generator when the grid is down, but will in future use a thermal battery backup to store grid energy.
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Announced Date | Company | Transaction | Money Raised |
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Announced Date | Transaction | Number of Investors | Money Raised | Lead Investors | 4/2013 | Grant | 1 | $590.5k |
National Science Foundation National Science Foundation |
12/2013 | Grant | 1 | $1M |
United States Agency for International Development United States Agency for International Development |
3/2012 | Venture Round | 1 | - |
VentureWell VentureWell |
1/2007 | Non Equity Assistance | 1 | - |
MIT Venture Mentoring Service (MIT VMS) MIT Venture Mentoring Service (MIT VMS) |
3/2010 | Seed Round | 2 | $129k |
Invested Development First Light Ventures Invested Development Invested Development First Light Ventures Invested Development |
10/2019 | Series A | 1 | $1M |
Acumen Acumen |
1/2020 | Series B | 1 | - |
TotalEnergies Ventures TotalEnergies Ventures |
1/2020 | Series B | 1 | - |
TotalEnergies Ventures TotalEnergies Ventures |
3/2012 | Venture Round | 1 | - |
VentureWell VentureWell |
1/2007 | Non Equity Assistance | 1 | - |
MIT Venture Mentoring Service (MIT VMS) MIT Venture Mentoring Service (MIT VMS) |
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