Table of Contents
Introduction
UniGen Power Inc., a clean energy innovation company, is making significant progress on its projects and has successfully raised approximately $1.3 million in new capital in 2022. The company’s main focus is completing the first prototype of the UPI 1000TA, which is expected to be assembled in the coming months.
Commitment to Goals
UniGen management remains committed to achieving their goals despite challenges such as travel and supply chain disruptions. They have made significant strides in the engineering phase of the prototype and have temporarily paused engineering to raise additional capital due to strong initial interest.
Market Growth
The market for UniGen’s clean energy solutions has grown due to various factors such as the increasing demand for electric vehicles and concerns about the reliability of the American power grid. As a result, the company’s marketing team has adjusted the planned power plant price to correspond to the estimated increase in market size. Furthermore, UniGen has recently received an initial order for thirty units of their product, reaffirming market interest.
Financials
Financially, UniGen Power Inc. has raised approximately $1.3 million in new capital in 2022. This additional funding will further support the development and commercialization of their clean energy innovations.
Investment from InnSuites Hospitality Trust
UniGen Power Inc. is a subsidiary of InnSuites Hospitality Trust (IHT), and IHT has invested approximately $603,750 in UniGen. The investment is recorded at cost, as management believes it approximates fair value. UniGen’s projects are still in the research and development phase, and no significant changes have been reported in their operations.
Conclusion
Overall, UniGen Power Inc. is making significant progress in the clean energy space and attracting new capital to support their innovative projects. With ongoing progress and a growing market demand, they are well-positioned to continue their mission of providing efficient clean energy solutions.
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