Xzeres raises $1.4M to meet rising demand
By Erik Siemers
Xzeres raised $1.4 million to keep up with growing demand for its wind turbines.
Xzeres Corp. on Monday said raised $1.4 million from issuing restricted stock units as it works to build its base of working capital to meet demand.
The Wilsonville-based manufacturer of small wind energy systems (OTCBB: XPWR) said it issued restricted stock units to accredited investors at at 40 cents per share, with each consisting of a common share and half a purchase warrant with an exercise price of 80 cents per share.
Most of the proceeds will be used to purchase materials to meet customer demand and begin ramping up shipments.
"With the robust order flow recently, particularly from the U.K., Xzeres entered 2012 with the largest backlog in our history," CEO Frank Greco said in a news release. "The additional funding enables the company to begin converting these orders at a rate necessary to meet our key objectives of reaching at least $20 million in revenue and profitability during this calendar year."
- Click here to read the complete news release from Xzeres.
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