PVpallet raises $1M to develop “game changing” pallets for solar modules
Cedar Rapids, IA — PVpallet, Inc. (pvpallet.com) today announced $1M in funding from Cedar Rapids, Iowa-based ISA Ventures. The company manufactures a recyclable pallet for the global solar industry to transport panels safely, efficiently and without breakage. Today, millions of solar panels move from manufacturers to installation points on fragile wooden pallets, which are then discarded.
In 2019, Luke Phelps and his team set out to rethink solar shipping. Seeing the alarming amount of wood waste produced at solar installations, Phelps knew there had to be a more efficient way to ship solar PV modules. After extensive research and testing, the team created a full-scale prototype in Q1 2021. This allowed design details to be finalized so the mold fabrication process could begin in Q3.
This round of funding will be used to fabricate PVpallet’s injection molds, with an expected completion date of August 2021. PVpallet will be ready for production in September 2021.
“PVpallet is the largest investment we've made yet, because we believe that this company is a game changer. We're eager to help this Iowa-based manufacturing company grow aggressively, creating jobs and wealth here, all while making the solar industry greener and more efficient,” said Eric Engelmann, General Partner at ISA Ventures.
“Working with ISA Ventures included a deep-dive process in which they did several months of research about our company, team, and potential.” explained Luke Phelps, Cofounder and General Manager at PVpallet. “We’re now fully funded for production and ISA Ventures is a big part of that.”
About PVpallet: PVpallet is the solar industry's first recyclable, reusable, collapsible pallet system designed specifically for shipping and protection of solar PV modules. PVpallet improves efficiencies and reduces costs throughout the entire solar supply chain, including manufacturing, distribution, installation, decommissioning and recycling, warehouse storage and construction waste disposal.
About ISA Ventures: ISA Ventures is the first multi-stage venture capital studio in Iowa. Located in Cedar Rapids, the fund invests up to $1 million in early-stage, rapid growth, and later-stage companies, positioning them for growth and exit. Its professional management team vets deals across all industries, with a preference for technology companies in insurance and finance, transportation and logistics, agriculture, food and bioprocessing, education, and engineering and automation technologies. For more information: www.isaventures.com