In a landmark development, Netcapital Inc, a leading digital private capital markets ecosystem, declared the triumphant conclusion of a capital offering for EarthGrid Public Benefit Corporation (PBC), a trailblazing plasma boring technology and infrastructure development company. This announcement sparked a notable surge in Netcapital’s stock price, underlining the significance of this collaboration.
At the time of this publication, Netcapital Inc stock (NCPL) is in the ascendency.
Current Price: $0.59
Change : +0.13
Change (%): (28.20%)
Source: Tomorrow Events Market Data
EarthGrid PBC achieved an impressive milestone by securing approximately $3.3 million through the funding portal platform of Netcapital. This funding represents a substantial portion of a $30 million seed funding round, primarily allocated to the production of tunnel boring robots. These cutting-edge machines are poised to establish an expansive network of subterranean transmission lines across the nation.
Martin Kay, Chief Executive Officer of Netcapital Inc., lauded EarthGrid PBC as a true vanguard in the field of technological innovation. He emphasized that EarthGrid’s transformative technology is set to redefine the landscape of tunnel and trench construction, while catalyzing a shift towards cleaner energy sources. Kay conveyed his heartfelt congratulations to the EarthGrid team for their commendable achievements thus far, and expressed high expectations for their promising trajectory.
Troy Helming, CEO of EarthGrid PBC, expounded on the rationale behind choosing Netcapital’s funding portal platform for their capital raise. He highlighted their commitment to democratizing ownership of critical infrastructure and utilities. Through Netcapital, EarthGrid welcomes over 1,000 new stakeholders, positioning them to play a pivotal role in the company’s long-term growth and value creation.
At the heart of EarthGrid’s mission lies a proprietary, groundbreaking plasma tunnel-boring technology poised to revolutionize the U.S. grid infrastructure. The ultimate objective is to establish an extensive network of underground tunnels dedicated to the transmission of clean energy and high-speed broadband across the nation. In tandem with bolstering electricity capacity, EarthGrid PBC aims to fortify the safety, security, and reliability of grid infrastructure by strategically siting critical elements underground, thus mitigating the potentially devastating impacts of natural disasters.
This significant infusion of capital promises to catapult EarthGrid PBC towards the realization of its audacious vision. By redefining the very foundations of grid infrastructure, EarthGrid is poised to contribute significantly to the transition towards a more sustainable, resilient, and efficient energy landscape.
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