Canadian Sustainable Energy keen to get USD 3m in fresh funds
(ADPnews) - Oct 20, 2010 - STG Markets LP, part of Canadian solar inverters maker Sustainable Energy Technologies Ltd (CVE:STG), said on Monday it would sell as much as 300 limited partnership units for proceeds of up to CAD 3 million (USD 2.9m/EUR 2.1m).
The company will use the amount to manufacture additional inverters for the US, Canadian and European markets, as it has received huge orders for its Sunergy brand, rolled out this May.
"The equity funding will help us to accelerate production into the first Quarter of 2011 as well as to secure longer lead time components," Sustainable Energy CEO Michael Carten said.
The units, priced at CAD 10,000 apiece, can be exchanged for Sustainable Energy common stock at an exchange rate of CAD 0.15 a share.
Near the end of August, the company announced that its largest shareholder -- Doughty Hanson Technology Ventures -- had agreed to spend as much as USD 3 million on preference shares in the company.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.