Ethical Electric closes USD-2.4m financing round

Dec 17, 2012 - US utility Ethical Electric said Friday it had completed the sale of a series AA financing round gathering USD 2.4 million (EUR 1.8m) to support a plan that offers 100% renewable electricity.

The new scheme will be first introduced in New Jersey and Pennsylvania and will later cover other states with de-regulated energy markets within the first two months of operation. Ethical Electric will buy wind and solar power through power purchase agreements (PPAs) and credits from local companies.

Proceeds from the equity financing will go towards strengthening the company's activities, expanding its team and starting marketing initiatives, the company said.

The transaction was arranged by Seattle-based investment firm Northwest Energy Angels (NWEA), which is focused on investment in alternative energy and clean technology companies. Following the investment, NWEA's member Brian Arbogast will become part of Ethical Electric's board of directors.

(USD 1.0 = EUR 0.760)

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