The Quercus Trust, a leading cleantech venture fund, has committed to investing $4.7 million in Open Energy, a renewable energy company focused on development and commercialization of building-integrated photovoltaic products and technologies. The agreement will see the investment of $4.2 million in cash, while the remaining $500,000 represents a prior loan Quercus made to the company.
In exchange for the investment, Open Energy will issue 235,000,000 shares of common stock to Quercus, at a price of $0.02 per warrant, with an exercise price of $0.067 per share. Open Energy received $1.5 million in gross proceeds pursuant to the financing agreement on September 18th, and issued 75,000,000 warrants to Quercus. The remainder of the investment is expected by the end of September 2008.
By Síle Mc Mahon
