Gridtential Energy, Inc. announced that it has received $10.999996 million in funding from 1955 Capital, East Penn Manufacturing Co., Inc., Crown Battery Manufacturing Company, Leoch International Technology Limited, Power-Sonic Corporation, The Roda Group and another investor

Gridtential Energy, Inc. announced that it will issue 14,649,082 series B preferred shares at issue price of $0.7509 per share for the gross proceeds $10,999,995.6738 in funding led by new investor, 1955 Capital on September 7, 2017. The transaction also included participation from existing investors, East Penn Manufacturing Co., Inc., Crown Battery Manufacturing Company, Leoch International Technology Limited (SEHK:842), Power-Sonic Corporation, The Roda Group and individual investor, Ray Kubis. The shares are convertible, non-redeemable and non-cumulative.

The shares carry non-cumulative dividend value of $0.06007 per annum per share. The shares will be convertible in common shares at a price of $0.7509 per share. The round will be raised at post money valuation of $27,312,618.

As part of the transaction Andrew Chung, from 1955 Capital has joined the board of directors of the company.