Glacier Bay secures $8 million in funding
Oakland, Calif. – Glacier Bay, Inc, developer of the OSSA Powerlite family of diesel-electric marine propulsion, power generation and DC appliances, has closed a Series A funding of $8 million from venture capital firm New Enterprise Associates, the company said last week.
“Having NEA’s financial strength and expertise is a great boost for us as we move into commercialization of our power technologies,” Kevin Alston, founder and CEO of Glacier Bay said in his company’s press release. “Customers understandably want to know that you will have the financial and managerial depth to stand behind your products for years to come. This partnership with NEA makes it clear that we do.”
Although well known for a line of marine products marketed under the Glacier Bay brand name, much of the company’s work since 1990 has been providing R&D services to scientific, military, aerospace, medical and industrial firms.
The marine (yachting) industry will remain an important part of Glacier Bay’s growth strategy. However, the technology used in the OSSA Powerlite system has much broader application. The company has already taken orders for new medical, military and transportation power products and is increasing production capacity with the purchase of a 50,000-square-foot facility in Northern California.
“In the past few years we have reduced our outside R&D contracts to concentrate work on our own power generation and distribution technologies,” said Russell Whitney, Glacier Bay’s COO. “We now have a range of highly integrated products that work together to provide superb energy efficiency, control and power density. Basically, it’s a platform that can be used to benefit almost any significant electrical power application.”
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