Renewable Energy Startup EcoFlow Reels in $1 Million From Crowdfunding Investors in One Hour
Author: James White
Keeping a backup generator handy in the event of a power outage is a great way to stay on top of emergencies and to avoid having to change your day-to-day routine. However, gas-powered generators are often loud and require a decent amount of upkeep and fuel to maintain. Renewable energy startup EcoFlow is currently drawing support from crowdfunding investors to help its business bring a more eco-friendly and convenient backup power source to market.
Gaining Immediate Traction With Crowdfunders
The startup company recently launched a Kickstarter campaign for its high-capacity home battery, along with a number of supporting accessories. Investors immediately threw an immense amount of funding into the renewable energy business. After just one hour of fundraising on the crowdfunding platform, investors poured over $1 million into the gas alternative offered by EcoFlow. After demolishing the initial $100,000 goal set by the renewable energy startup, investors continued to maintain momentum, propelling the business to nearly $3 million in just one day of fundraising.
"Extreme weather events and grid instability are driving people to take more control of their home power solutions," said Thomas Chen, R&D Director at EcoFlow.
"The EcoFlow DELTA Pro ecosystem is primarily designed for two usage scenarios: to provide critical backup power during power outages and, to better monitor and control your daily consumption of power and lower utility bills."
Early investors in the renewable energy business have an opportunity to reserve the portable power system for a reduced price from the expected retail price of $3,600. Prior to the latest Kickstarter campaign, EcoFlow secured support for its renewable energy business from investors, including Sequoia Capital China and GL Ventures.
Renewable Emergency Power
EcoFlow was founded by entrepreneurs Eli Harris, Fan Zheng, Hannah Sieber, and Lei Wang in 2016. The startup company aims to provide a more sustainable alternative to gas-powered systems by creating an entire ecosystem of products to support its high-capacity power station.
EcoFlow claims that its new product is “the world's fastest charging power station.” The device created by the startup company can be recharged through a number of different methods, including solar, wind, and even an electric vehicle (EV) charging station. The basic power station may be coupled with another device to boost the output and capacity of the power station, allowing users to power more robust 240-volt appliances and store more energy in the case of an emergency.
Portable Power Stations on the Rise
Market research projects the global portable power station market to reach $494 million by 2026, up from the estimated value of $358 for 2021. Renewable energy options like the ones offered by the startup company will likely gain traction with eco-conscious consumers, as well as users who are looking to avoid the rising cost of gasoline. EcoFlow will face competition from rivals like portable power business Goal Zero, which offers its own suite of portable power supply stations and accessories. Goal Zero’s highest capacity power system retails for roughly $5,000; however, it sports a 6,000 watt capacity vs. EcoFlow’s 3,600-watt base model, making it a competitively priced option for consumers.
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