LAS VEGAS, July 21 /PRNewswire/ — Innovative Energy Solutions Inc. (iESi) today announced that it raised $3 million in its first round of financing. The investor group consists of more than 300 individuals from Canada, Europe and the United States. iESi will use the investment to accelerate product development, push market penetration and establish manufacturing facilities in Alabama. “The success of our initial funding is encouraging to iESi as we focus on executing our business endeavors and growing the company. The first round closed with an oversubscription of 200,000 shares, which demonstrates a substantial interest in our energy generating technologies and what they can do for a fuel-based economy,” said Ron Foster, chairman, iESi.
iESi will open its second round of financing on July 29, 2004, by offering 500,000 shares at $4 apiece.
Established in 2003, iESi’s mission is to offer clean, viable solutions to traditional energy sources, and reduce the world’s dependence on oil from the Middle East. iESi is organized into three broad divisions to maximize return on its intellectual capital and intellectual property. These divisions include low operating cost hydrogen generation, low operating cost heat generation and waste heat recovery. The company’s innovative energy products are protected by licensed patents and trademarks.
“The revolutionary technology and intellectual capital behind iESi make it an exciting venture to join at the ground floor,” said president, Terry Dingwall. “Energy issues and trends are creating a promising marketplace for iESi to enter, and the company is well positioned to continue expanding and revolutionizing the alternative energy market with its products and industry expertise.”
Cost efficiency and environmental issues are top priorities which much must be addressed at organizations all around the world. iESi has unparalleled solutions through their patented plasma generation technology processes, which include low operating cost hydrogen generation and low operating cost heat generation for the safe, clean production of electricity or process steam.
About iESi
Innovative Energy Solution Inc. (iESi) is a leader in developing reliable, next generation, clean energy technologies. iESi owns several patents related to low operating cost hydrogen generation technology, low operating cost heat generating technology and waste heat recovery. Headquartered in Las Vegas, iESi also has offices in Canada, Europe and South Korea. For more information please visit: www.iESiUSA.com.
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