Distributed wind co Xzeres raises USD 6m

Xzeres Corp (OTC:XPWR), a US manufacturer of small wind turbines and power management devices, said on Monday it has raised USD 6 million (EUR 5.3m) to meet its working capital requirements.

"We plan to utilize this capital towards delivering on existing orders, as well as those anticipated from our sales pipeline. We expect these deliveries to keep us on track toward generating record results for fiscal 2016," said CEO David Hofflich.

The company’s two largest stockholders have paid USD 5.5 million in cash and converted USD 500,000 worth of promissory notes in order to secure a total of 3,000 Series B participating preferred stock.

In April, Xzeres raised some USD 1.5 million gross from a private placement to address growing demand for its small wind turbines in Japan.

(USD 1.0 = EUR 0.888)

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