SOLANA BEACH, Calif.--(BUSINESS WIRE)--Open Energy Corporation (OTCBB:OEGY), a developer of clean energy solutions and innovative energy management applications and products, today announced it has closed the final portion of its previously announced $4.7 million financing with The Quercus Trust, one of the leading cleantech venture funds in North America.
Quercus invested a total of $4.7 million in Open Energy in this financing, consisting of $4.2 million in cash, and $500,000 of forgiveness of accrued interest and restructuring fees relative to other obligations to Quercus. In exchange, Open Energy issued to Quercus warrants to purchase a total of 235,000,000 shares of common stock, at a price of $0.02 per warrant, with an exercise price of $0.067 per share.
Open Energy also announced that the previously-disclosed management and board changes became effective with the closing of the remainder of the Quercus investment. Following the closing of the financing, the Board of Directors consists of five members, three of whom were appointed by Quercus, and two of whom were existing members of the board. David Field, the current president and chief operating officer, is leading the board as Chairman and will assume the role of chief executive officer effective November 1, 2008.
Quercus is recognized as one of the leading cleantech venture funds in North America with strategic investments in the clean technology areas of solar, water, biofuels, wind and batteries. Quercus is known to provide more value than just funding and take a longer-term view of invested capital combined with their industry expertise and relationships.
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