PROVIDENCE - VoltServer Inc. has received a $250,000 equity investment from Rhode Island public venture capital group the Slater Technology Fund.
The investment is intended to fund the commercialization of Packet Energy Technology, an alternative system of electricity distribution developed by Charlestown-based VoltServer founder and entrepreneur Steve Eaves.
VoltServer’s system distributes power in discrete packets that can identify their intended recipient, allowing higher voltages to be transmitted safely, according to the company.
Before starting VoltServer, Eaves founded Modular Energy Devices, which developed lithium ion battery technology and was purchased by EnerSys Inc. last year.
Slater, created by the state of Rhode Island in 1997, was an original backer of Modular Energy Devices and invested $310,000 in the company between 2003 and 2005. When Modular Energy Devices was acquired by EnerSys, Slater was repaid $358,000, according to the fund.
In addition to its annual state appropriation, Slater this year has received the first installment of a $9 million federal grant.
“Slater’s mission is to identify and sponsor the most dynamic entrepreneurs as they attack the most compelling problems of our times, and working with Steve Eaves to commercialize a radically different approach to a ubiquitous industrial challenge is a unique opportunity,” said Slater Managing Director Thorne Sparkman in a news release announcing the investment Monday. “We look forward to continuing our partnership.”
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
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