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Capps Announces Funding for Solar Energy Technology Development in San Luis Obispo
San Luis Obispo - Today, Rep. Lois Capps (CA-24) announced that Renewable Power Conversion Inc. in San Luis Obispo received $994,378 from the Department of Energy to develop innovative solar energy technology as part of the agency’s SunShot Incubator Program.
The company will use the funding to develop the next generation of DC-to-AC solar power converters. This new modular power converter is designed for use in commercial rooftop and utility-scale solar power systems of any size.
The Central Coast is home to some of the most innovative clean energy businesses in the country,” Capps said. “Grants like this provide crucial support for cutting edge solar technologies that are moving us away from dirty fossil fuels and toward a clean energy future.”
"Our Macro-Micro power converter technology will significantly improve the performance and more than double the lifetime of existing solar power converters while reducing overall system costs," said Rick West, President of Renewable Power Conversion Inc.
The award for Renewable Power Conversion Inc. is part of nearly $12 million in federal funding to 17 projects nationwide in the Incubator program that are breaking barriers and reducing costs across the solar industry spectrum. The Incubator program provides early-stage assistance to help startup companies cross technological barriers to commercialization while encouraging private sector investment. Since the program was launched in 2007, $104 million in government funds has leveraged more than $1.7 billion in venture capital and private equity investment, demonstrating a ratio of nearly $18 in subsequent private sector support for every $1 of federal support.