XsunX, Aliso Viejo, Calif., has secured a total of $21 million in financing with Fusion Capital Fund II LLC, a Chicago-based institutional investor, to support the launch of its phased plans to build a 100 MW amorphous silicon thin film photovoltaic (TFPV) solar module manufacturing facility in Oregon.
Upon signing the stock purchase agreement, XsunX received $1 million from Fusion Capital as an initial purchase of common stock under the $21 million commitment, at a price of $0.30 per share. After the SEC has declared effective a registration statement related to the transaction, XsunX has the right, over a 25-month period, to sell its shares of common stock to Fusion Capital, from time to time, in amounts up to $1 million per sale, depending on certain conditions as set forth in the stock purchase agreement, up to the full aggregate commitment of $21 million.
XsunX says it will use the proceeds to build an initial base production system delivering full-size commercial-quality solar modules and initiate the manufacture of the first of four planned 25 MW systems. Proceeds may also be used to lease and prepare manufacturing facilities with the necessary support systems for the manufacturing line, inventory, staff and general working capital.
