Westinghouse Solar Inc., a designer and manufacturer of solar power systems, says it has received an equity investment from CBD Energy Ltd., a diversified renewable energy company based in Sydney, Australia. In addition to the investment, the companies have agreed to explore a broader strategic relationship.
‘CBD Energy, primarily through their operating solar subsidiary eco-Kinetics, is growing rapidly in Australia – a market that is developing very much the same way as the U.S.,’ says Barry Cinnamon, CEO of Westinghouse Solar. ‘These cooperative efforts will help us extend our technology and distribution partnerships on a larger international scale.’
Under the terms of the investment, Westinghouse Solar issued common stock at a price of $0.60 per share for gross proceeds of $1 million. Westinghouse Solar says it will use the additional working capital from the investment to help fund growth in the U.S. market.