Raising another $11m is an impressive milestone for BLP. But we've seen this before - every few years BLP makes big claims, puts on a demo, does a press release, raises money and then vanishes for a few years until more money is needed. I do wonder how much due diligence these investors did?
Exhibit A: October 25, 1992 "We're getting 10 times the power out relative to power going in--every hour, every day, week after week." Mills says to expect a "major announcement" around year end that his confidants predict may include the unveiling of a prototype 10-kilowatt electrical generator. That's back when BLP was known as HydroCatalysis Corp, and was hot on the heels of Pons and Fleischmann! Exhbit B: May 28, 2008 BlackLight Power, Inc. today announced the successful testing of a new energy source. The company has successfully developed a prototype power system generating 50,000 watts of thermal power on demand. Incorporating existing industry knowledge in chemical and power engineering, BlackLight Power (BLP) is pursuing the immediate design and engineering of central power plants utilizing the BlackLight Process. BLP plans on developing pilot plants with architecture and engineering firms with anticipated delivery in approximately 12 to 18 months. For twenty two years, it's been the same cycle of claim, hype then silence. What I can't understand is where BLP is planning to spend the $11m? Their business summary claims "seventeen employees and eight consultants wherein the majority of employees and consultants are scientists and engineers" But LinkedIn lists only Dr Mills, VP Bill Good, two chemical technicians and two executive assistants as employees of BLP. At least two of their senior research scientists left in the last few years according to their profiles. The other possibility perhaps is the other eleven BLP employees are simply too embarassed to list BLP on their LinkedIn profiles? AF On Thursday, August 7, 2014 5:27 PM, Orionworks - Steven Vincent Johnson <[email protected]> wrote: On Aug 7, over at the BLP web site "What's New" Link, and at SoCP Randy posted the following statement: "On July 31, 2014, BlackLight Power closed on $11 M in private equity financing that was oversubscribed by $1 M." I never majored in business. I assume the above statement means BLP just got another 11 M infusion from private investors. I assume the "oversubscribed" phrase means BLP had actually asked for only 10 M, but apparently his investors are feeling generous. Say what you will, but right now I find keeping tabs of what's happening over at BLP to be a fascinating hobby. Good luck, Randy. I mean that. Regards, Steven Vincent Johnson svjart.orionworks.com zazzle.com/orionworks
