Sustainable Energy Technologies Ltd., a designer and manufacturer of power electronics for distributed smart-grid and micro-grid applications, has closed a $500,000 equity financing with Doughty Hanson Technology Ventures.
The Doughty Hanson investment is expected to provide additional capital to the company to shift production to its third-generation Paralex STX PV inverter for North American and Japanese markets and to begin first production of an AC battery for markets in Germany and Japan.
The company is also planning a consolidation of its issued and outstanding common shares on the basis of 10 old common shares for one new common share. The consolidation will reduce the number of common shares issued and outstanding to 20,915,581. Sustainable Energy says this consolidation will enable the company to better itself to U.S. and European institutional investors.