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Picasolar CEO Doug Hutchings Has Big Reason for Staying in Arkansas

Arkansas Advanced Energy Association // May 15, 2017

What keeps tech leader Doug Hutchings in Arkansas?

The CEO of Fayetteville startup Picasolar says one anchor is a new capital campaign to raise $3 million for his business, which uses advanced techniques to improve solar cells and reduce their costs.

But he has a bigger reason, he told the Arkansas Advanced Energy Foundation in Little Rock last week.

“My wife loves Arkansas.”

Hutchings does too, and the Mena native said other things like natural beauty and cost-of-living advantages also favor Arkansas. The member of the 2015 40 Under 40 class already has soft commitments for about $1 million in new capital from previous investors, and he plans to keep fundraising in his home state.

“Arkansas has a great business environment, and beyond the cost-of-living advantages and all the support we get from the University of Arkansas, it’s also cheaper to run a business here,” he said. “If we were in California or someplace else, we wouldn’t be asking for $3 million in capital. It would be more like $6 million or $7 million.”


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