The U.S. Department of Energy awarded $1.5 million to Bethel-based Apollo Solar Inc. to help the company develop inverters that convert direct current energy from photovoltaic panels into alternating current required by appliances, while storing energy in batteries for future use.
The DOE grant was among $11 million awarded to five companies nationally. Separately, U.S. Energy Secretary Steven Chu announced the Department of Energy will provide up to $31 billion in loan guarantees, partly through the Recovery Act and partly through 2009 appropriations.
Apollo Solar sells its inverter/chargers for residential and commercial use, particularly in settings lacking reliable access to an electricity grid. The company”™s mainstay inverter/charger sells for about $2,500, and Apollo Solar has been offering a $300 rebate through Sept. 30.
Under CEO John Pfeifer, the company raised $4.5 million in October 2008 from private investors.
