Westinghouse Solar Receives Investment From Diversified Australian Renewable Energy Company
Campbell, Calififornia.Â –Westinghouse Solar, Inc. , a designer and manufacturer of solar power systems, this week Â announced that it has received an equity investment from CBD Energy Limited “CBD Energy” (asx:CBD), 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.,” said Barry Cinnamon, CEO of Westinghouse Solar. “These cooperative efforts will help us extend our technology and distribution partnerships on a larger international scale. In particular, this partnership will allow us to extend our Westinghouse Solar brand to Australia.”
As the Australian market grows and solar panels become more commoditized, it is critical to offer products and services that stand out,” said Gerry McGowan, CEO of CBD Energy. “Westinghouse Solar’s integrated AC and DC designs are quite innovative, and will help us reduce installed costs for our customers and business partners in Australia, Europe and elsewhere. We are in discussions to include Westinghouse Solar’s technology in the solar panels we are distributing and manufacturing in Australia.”
Under the terms of the investment, Westinghouse Solar issued common stock at a price of $0.60 per share for gross proceeds of $1,000,000. Westinghouse Solar will use the additional working capital from the investment to help fund the company’s continued growth in the US market. Further information on the investment is available in the company’s 8-K filed today with the Securities and Exchange Commission.
Chardan Capital Markets acted as financial advisor to CBD and Cantor Fitzgerald acted as financial advisor to Westinghouse Solar.
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