|By Business Wire||
|April 8, 2014 07:01 AM EDT||
Geostellar, America’s first and largest online solar marketplace, announced today that it is partnering with PENSCO Trust Company, a leading alternative asset custodian, to crowdfund capital for the marketplace through the Geostellar Solar Energy Market Growth Fund.
Leveraging the equity crowdfunding provisions of the Federal JOBS Act, accredited investors can now participate in the $1 million Geostellar campaign at Return on Change (ReturnOnChange.com/Geostellar), an equity crowdfunding platform for “triple bottom line” companies that value the positive societal and environmental benefits of their work along with the financial profits.
“Until recently, only professional, well-connected investors could participate in the financing of promising ventures,” said David Levine, CEO of Geostellar. “With this offering, we’re setting a new standard for the availability, transparency and accountability of private companies in the sale of tax-advantaged securities.”
Geostellar has quickly raised more than $600,000, surpassing the reserve set for the campaign. A unique variable cap on the promissory note conversion price, which values the company at two-times the amount of money raised in the offering, balances risk and reward for investors. The security offering also provides all investors with such customary terms as anti-dilution provisions and superior liquidation preferences that are typically negotiated by sophisticated investors. CrowdCheck, an investor protection company for crowdfunding and online investments, is performing corporate due diligence on Geostellar for the benefit of investors.
“As more and more investors look for products that are socially and environmentally responsible to generate income, self-directed IRAs have grown in popularity over the last few years as a way to invest in privately held companies,” said PENSCO CEO Kelly Rodriques. “As a result, we’ve seen an increase in the number of investors that are using self-directed IRAs to invest in alternative investments in areas like solar energy and private company stock. We are excited about our partnership with Geostellar on this offering.”
In addition, four energy and technology industry leaders have joined Geostellar’s Board of Directors to ensure accountability to all stakeholders and to uphold the highest standards of corporate governance. With the CEO of the company, David Levine, serving as Chairman, the Board now includes the following members:
- Paul Feldman is an experienced executive in the energy business and technology industry who currently serves as Director (past Chairman) of the Midwest ISO, which manages electricity generation, transmission, monitoring and optimization across utilities in the midwest US, Board Leadership Fellow for the National Association of Corporate Directors and Advisor to the US Department of Energy. Among other roles, Mr. Feldman has served as General Manager for Enterprise Products at Novell, CEO of Columbia Energy, CEO of Utilicorp Energy Services and Vice President at AT&T.
- Tracy McKibben is a seasoned financial strategist with over 15 years experience in the energy sector who currently serves as the President & CEO of MAC Energy Advisors and Partner at Sphaera Energy. Previously, Ms McKibben served as a Managing Director and Head of Environmental Strategies for Citigroup Global Markets and advised the President of the United States, the National Security Advisor and Cabinet Secretaries as the Acting Senior Director of the National Security Council the Director of European Economic Affairs and EU Relations for the National Security Council. Upon first entering government service, Ms McKibben was appointed Special Counsel to the US Department of Commerce by the Secretary of Commerce Donald Evans. She began her career practicing law as a corporate litigation counsel for Akin, Gump, Strauss, Hauer & Feld after earning her Juris Doctor at Harvard Law School.
- Scott Rotruck is a key leader of Spilman Thomas & Battle, PLLC’s Government Relations, Energy and Shale Gas Practice Groups as the Director of Energy & Transportation Services. Mr. Rotruck’s prior experience includes serving as Vice President of Corporate Development and State Government Relations at Chesapeake Energy, fifteen years as an executive with Anker Energy and CONSOL, ten years in the railroad industry with CSX and Norfolk Southern Corporation and service in higher education as the Economic Development Director and Senior Advisor to the President of West Virginia University, where he also taught entrepreneurship in the WVU College of Business and Economics.
- Howard Teich, Ph.D. is an organizational depth psychologist, leadership coach and group facilitator serving both emerging companies in the Bay Area and established enterprises such as Clorox, Intel, HP, Microsoft, SAP and Wells Fargo. Dr. Teich is in private practice as a therapist and is the author of Solar Light, Lunar Light, a seminal work on complementarity in archetypal consciousness. In addition to his doctorate in clinical psychology, Dr. Teich holds a masters degree in business from the University of Oregon.
“We are proud to host Geostellar’s crowdinvesting campaign on our platform,” said Sang Lee, CEO of Return on Change. “Geostellar’s disruptive technology in the fast-growing solar energy sector creates an appealing opportunity for our investor community.”
Federal securities law defines an accredited investor as one of the following:
- A natural person who has individual network, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person.
- A natural person with income exceeding $200,000 in each of the two most recent years or a joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.
About $18 trillion are currently held in tax-qualified retirement accounts such as IRAs, 401(k)s and Roth IRAs. This represents an important new source of capital to finance the growth of socially and environmentally positive ventures, create jobs, fuel innovation and grow the economy. The funds raised in this equity crowdfunding campaign will be used to develop, release and promote the next generation of the Geostellar solar energy marketplace and Solar Mojo app for iOS, an important new multi-user platform that directly connects homeowners, community partners, solar providers and independent agents, scheduled for launch on May 22nd at the US Department of Energy SunShot Grand Challenge Summit 2014.
Geostellar is America’s first and largest online solar marketplace, helping homeowners secure the best deal on solar energy by comparing and tailoring a wide variety of installation and financing plans. Through advanced simulations on an intuitive social platform, Geostellar lowers the cost of solar, making it more competitive with conventional electricity. The result is more accessible, affordable and plentiful clean solar power for America. The company is the recipient of numerous awards, including selection as an IHS Energy Innovation Pioneer, the Global Cleantech100, the Global Cleantech Cluster Association’s Best of Solar and the AlwaysOn GoingGreen Global 200. Visit www.geostellar.com.
PENSCO Trust Company has been helping investors use their retirement account funds to invest in real estate, private equity and other non-exchange traded assets since 1989. As the industry’s premier self-directed IRA custodian, we know exactly what it takes to buy, hold and sell alternative assets in retirement accounts.
As the trusted custodian of over $10 Billion in assets, PENSCO works with over 50,000 clients across the U.S.
To learn more, visit www.pensco.com or call (855) 291-4733.
About Return on Change
Return on Change is an online crowdinvesting platform connecting startups and investors. Working with companies in the CleanTech, EdTech, Life Science, Tech, and Social Enterprise industries, their mission is simple- to efficiently connect entrepreneurs and investors through technology and crowdinvesting from front to back.
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
May. 6, 2016 07:00 PM EDT Reads: 1,404
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...
May. 6, 2016 06:15 PM EDT Reads: 1,430
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
May. 6, 2016 06:00 PM EDT Reads: 867
As enterprises around the world struggle with their digital transformation efforts, many are finding that innovative digital teams are moving much faster than their hidebound IT organizations. Rather than struggling to convince traditional IT to get with the digital program, executives are taking advice from IT research firm Gartner, and encouraging existing IT to continue in their desultory ways. However, many CIOs are realizing the dangers of following Gartner’s advice. The central challenge ...
May. 6, 2016 06:00 PM EDT Reads: 352
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 6, 2016 06:00 PM EDT Reads: 1,260
A critical component of any IoT project is the back-end systems that capture data from remote IoT devices and structure it in a way to answer useful questions. Traditional data warehouse and analytical systems are mature technologies that can be used to handle large data sets, but they are not well suited to many IoT-scale products and the need for real-time insights. At Fuze, we have developed a backend platform as part of our mobility-oriented cloud service that uses Big Data-based approache...
May. 6, 2016 05:30 PM EDT Reads: 843
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 6, 2016 05:00 PM EDT Reads: 359
Cloud Object Storage is effectively infinitely scalable and boasts the lowest total costs. But cloud SLAs and T&Cs are traditionally optimized for huge customers like Netflix, so applications demanding better confidentiality or higher availability typically can’t reap the benefits of public cloud storage. In his session at 18th Cloud Expo, Don Martin, CTO of Security First Corp, will provide an overview of innovative technologies available today – secret sharing and information dispersal algori...
May. 6, 2016 05:00 PM EDT Reads: 369
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
May. 6, 2016 04:00 PM EDT Reads: 885
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
May. 6, 2016 04:00 PM EDT Reads: 1,214
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
May. 6, 2016 03:15 PM EDT Reads: 303
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
May. 6, 2016 03:00 PM EDT Reads: 349
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
May. 6, 2016 02:15 PM EDT Reads: 921
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 6, 2016 01:45 PM EDT Reads: 1,379
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
May. 6, 2016 01:00 PM EDT Reads: 1,424