Company Announces $30 Million Seed Funding to Advance Proprietary Plasma-Powered, Tunnel Boring Robots
SAN FRANCISCO, Oct. 18, 2023 /PRNewswire/ — Today, EarthGrid Public Benefit Corporation (EarthGrid PBC), a plasma boring technology and infrastructure development company, is announcing it has raised $30 million at the close of its seed funding, doubling the investment goal of $15 million. This brings the total equity raised by EarthGrid to approximately $50 million since its inception in 2016.
The $30 million will enhance the production of Tunnel Boring Robots (TBRs) which utilize a series of plasma-powered torches to break down geologic structures. The TBRs will be used to create a network of new underground transmission lines across the United States.
The $30 million includes more than $3 million from a crowdfunding on NetCapital where 1,514 individuals invested between $100 to $165,000. This option was offered to democratize the ownership of infrastructure and utilities.
“The entire EarthGrid team is excited about this funding announcement, especially with the current difficult fundraising environment. Not only did we greatly exceed our investment goals, but we received investments from hundreds of individuals, showing a breadth of excitement and support for EarthGrid’s goal of creating a network of underground tunnels to transmit clean energy and high-speed broadband across the U.S.,” said Troy Helming, CEO of EarthGrid PBC.
“This is just the beginning of our work to efficiently, safely and quickly expand underground transmission pathways, which are desperately needed to keep up with the rapid development of renewable energy and Americans’ increasing demand for electricity,” added Helming.
In addition to the seed funding announcement, EarthGrid also secured a binding term sheet with a prominent institutional investor to lead significant financing in early 2024. The company also expects to be announcing several projects including a major joint venture that will generate multiple years of revenue.
EarthGrid is a private American company that was established in 2016. EarthGrid has developed proprietary, ground-breaking plasma tunnel-boring technology that can revolutionize the grid infrastructure in the U.S. and is poised to greatly increase the capacity to transmit electricity across the country to power America’s clean energy transition.
In addition to expanding electricity capacity, the project will also enhance the safety, security and reliability of grid infrastructure, housing critical infrastructure underground to avoid natural disasters that have repeatedly devastated grid operations and caused crippling power outages across the country.
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