Power Efficiency Corp. raises $2.4M PIPE

Power Efficiency Corp. announced today that they raised a $2.43M private placement, of which approx. 25% was provided by Summit Energy Ventures. Power Efficiency Corp. designs and manufactures energy saving motor controllers, which include a soft start for constant speed-variable load AC induction motors. The company reports that savings from these controllers are typically 15-35%, but can be as high as 45%.