Westinghouse Solar: Investment From Renewable Energy Company
Westinghouse Solar, Inc., a designer and manufacturer of solar power systems, today announced that it has received an equity investment from CBD Energy Limited "CBD Energy" (ASX:CBD.AX - News), 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.
About Westinghouse Solar
Westinghouse Solar is a designer and manufacturer of solar power systems. In 2007, Westinghouse Solar pioneered the concept of integrating the racking, wiring and grounding directly into the solar panel. This revolutionary solar panel, originally branded "Andalay", quickly won industry acclaim. In 2009, the company again broke new ground with the first integrated AC solar panel, reducing the number of components for a rooftop solar installation by approximately 80 percent and lowering labor costs by approximately 50 percent. This first AC panel, which won the 2009 Popular Mechanics Breakthrough Award, has become the industry's most widely installed AC solar panel. Award-winning Westinghouse Solar Power Systems provide the best combination of safety, performance and reliability, while backed by the proven quality of the Westinghouse name. For more information on Westinghouse Solar, visit www.westinghousesolar.com.
About CBD Energy
CBD Energy is Australia's emerging leader in renewable energy, enabling the efficient use of renewable energy for utilities, businesses and households through operations in wind, solar, energy storage and engineering. Through its operating subsidiary, eco-Kinetics, CBD Energy is one of the largest suppliers and installers of solar energy equipment for large and domestic scale solar energy generation in Australia. For more information on CBD Energy, visit http://www.cbdenergy.com.au/.
Statements made in this release that are not historical in nature, including those related to future growth, product introductions, distribution or manufacturing in future periods, constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "projects," "plans," "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified, and our actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the inherent uncertainty of future financial results, additional capital financing requirements, development of new products by us or our competitors, uncertainties in the timing of availability of new products, the effectiveness, profitability, and marketability of our new products, our ability to protect and defend proprietary rights and information, the impact of current, pending, or future legislation, regulation and incentive programs on the solar power industry, the impact of competitive products or pricing, technological changes, our ability to identify and successfully acquire and grow distribution customers, and the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Westinghouse Solar, Inc. assumes no obligation to update any such forward-looking statements.