Sustainable Energy raises USD 503,000 in stock sale
Dec 28, 2012 - Canadian photovoltaics (PV) firm Sustainable Energy Technologies Ltd (CVE:STG) yesterday said it had raised CAD 500,000 (USD 502,700/EUR 380,000) in equity funding with UK-based private equity firm Doughty Hanson Technology Ventures.
The company will use the proceeds to start producing its third generation Paralex STX inverter for the PV markets in North America and Japan and to launch manufacturing of its AC Battery for German and Japanese markets.
Sustainable Energy sold to Doughty Hanson 50,000 units at CAD 10 apiece. Each unit comprises one series 13 8% five-year first preferred share, convertible into common shares at CAD 0.40 apiece, and 20 five-year common share purchase warrants exercisable at CAD 0.50 per share.