Open Energy Secures $20 Million Funding

Posted by SI Staff on October 09, 2007 No Comments
Categories : FYI

Open Energy Corp., Solana Beach, Calif., has filed an 8K announcing that it had executed a definitive agreement relating to a private placement with an accredited investor for $20 million in the form of a convertible note and a warrant to acquire up to 40 million shares of common stock in the company. Ardour Capital Investments and Knight Capital Group acted as co-placement agents in the transaction, and Ardour has been retained to act as strategic advisor to the company.

‘We are very pleased to announce this successful capital raise,’ says David Saltman, Open Energy's CEO. ‘It provides the financial resources that we require to execute our business plan within a rapidly changing solar energy marketplace.’

With the recent passing of Open Energy's chairman, Derek May, Saltman was named to serve in that capacity, and will now have the title of chairman and CEO. David Field, the current chief operating officer, was named president.

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