Netcapital Inc. (Nasdaq: NCPL), a digital private capital markets ecosystem, today announced the successful completion of a capital offering by EarthGrid Public Benefit Corporation, a plasma boring technology and infrastructure development company.
EarthGrid raised approximately $3.3 million on Netcapital’s funding portal “as part of a $30 million seed funding round, to support the production of tunnel boring robots, to be used to create a network of underground transmission lines across the country.”
Martin Kay, Netcapital Inc. CEO, said:
“Like many of the entrepreneurial companies that we support, we believe EarthGrid PBC is a true innovator, whose technology has been designed to fundamentally change the way tunnels and trenches are built and facilitate the transition to clean power. We congratulate their team on all of their accomplishments to date and prospects for an exciting future ahead.”
Troy Helming, CEO of EarthGrid PBC, commented:
“We chose the Netcapital funding portal platform for our capital raise to democratize the ownership of our infrastructure and utilities. Through the Netcapital funding portal platform, we are pleased to welcome over 1,000 new participants in our planned long-term growth and value creation.”
EarthGrid PBC has reportedly “developed proprietary, plasma tunnel-boring technology that can revolutionize the grid infrastructure in the U.S.”
Its goal is to create “a network of underground tunnels to transmit clean energy and high-speed broadband across the U.S. In addition to expanding electricity capacity, EarthGrid PBC aims to enhance the safety, security and reliability of grid infrastructure, housing critical infrastructure underground to avoid the crippling effects of natural disasters.”
As covered, Netcapital Inc. is a fintech company “with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors.”
The company’s consulting group, Netcapital Advisors, “provides marketing and strategic advice and takes equity positions in select companies.” The company’s funding portal, Netcapital Funding Portal, Inc. is “registered with the Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association.”
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