Westinghouse Solar has been granted an equity investment from CBD Energy; a partnership that will also see the companies mutually explore a wider strategic relationship. The investment saw Westinghouse Solar issue common stock at a price of US$0.60 per share for gross proceeds of US$1,000,000.
Additionally, Westinghouse Solar will use the remaining working capital from the investment to help fund continued growth in the US market. The company filed an 8-K with the Securities and Exchange Commission today following the announcement of the equity investment.
“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.”