Xzeres making a fundraising name for itself
By Andy Giegerich
Digital Managing Editor
Xzeres hopes to use its latest funding round to help the company bloom internationally.
Wilsonville’s Xzeres Corp. is on a nice little fundraising run.
The company, (OTCQB: XPWR) which designs, manufactures and markets small (2.5 to 10kw) wind-powered, distributed energy turbines and other renewable energy products, has landed a $6.5 million credit facility. The commitment comes from Renewable Power Resources LLC, which includes investors with a keen interest in distributed power generation.
Xzeres will use the money for “near-term and strategic growth objectives.”
“Renewable Power Resources offers a wide array of interests and relationships in areas such as agriculture, commercial/industrial real estate, and other unique global industrial markets, something we look forward to leveraging in an effort to further the added values to the company’s growth opportunities,” said Frank Greco, Xzeres’ CEO, in a release.
The credit facility, which is the company’s largest single funding to date, arrives a few months after Xzeres scored a $1.5 million round.
“Coupled with our improved market position, global demand, and lower cost structure, we believe this financing will enable Xzeres to achieve its goals and dramatically improve delivery times, order flow with vendors, and build out of finished units to react quickly to the growing demand for Xzeres products.”
The company believes it can build on a strong global presence drive by its domestic and U.K. markets. Xzeres is actively developing opportunities in Vietnam, Japan and the Caribbean along with other parts of Europe.
Greco said distributed wind, or wind energy used at least partially at the site where the equipment is deployed and the energy is generated, is growing worldwide at an annual rate of approximately 35 percent.
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