Orison, Inc.
World's first self-installable energy storage appliance
Raised $3,250,000
6.0% Senior Convertible Note
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Orison has created the world’s first and only self-installable indoor home energy storage appliance. Unlike its competitors, Orison’s patented systems can be located indoors in any home, installed without utility approvals or electrical permits, instructed to store and discharge power based on utility tariffs and consumer habits (thereby lowering power bills) via a smartphone app, operated quietly with no distracting noise levels, and aggregated to provide grid services to utilities.
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Business opportunities: Energy storage enabled the growing renewable energy market and helped power utilities provide important grid services. Additionally, battery costs had fallen 70%+ since 2010, driving investment of $44B globally through 2024, with projected growth of 10x in U.S. residential and commercial market by 20223.
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Challenges: Advancing product development from field-test units to “production-ready” units to scale manufacturing. Another included the challenge of delivering thousands of battery units for current customer waitlists and MOU for up to $8M in sales with Origin Energy and other energy retailers and electric utilities.
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Orison's solution: Only award-winning, patented, self-installable, all-in-one residential energy storage appliance (ESA). As the lowest known cost provider, Orison provided return on investment (ROI) to both homeowners and electric utilities (the main sales channel).
Orison, Inc. (the “Issuer” or “The Company”) issued $3,250,000 in senior convertible notes (the “Notes”) to fund 1) completion of the production-ready unit, 2) testing and certification, 3) scale manufacturing for commercial pilot, 4) maintain intellectal property, and 5) provide working capital.
