WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB), a developer of proprietary high-power solar systems, announced that it has raised $35.64 million from previous investor, The Quercus Trust.
According to a release, Quercus acquired 20,000 shares of WorldWater Series F Convertible Preferred Stock at a price of $1,782.00 per share. Each share of the Series F Convertible Preferred Stock is convertible into 1,000 shares of WorldWater common stock.
WorldWater said Quercus also received warrants to purchase 29 million additional shares of common stock at an exercise price of $1.815.
Prior to this purchase, Quercus and its affiliates owned shares of WorldWater common stock and preferred stock representing approximately 11.5% of the equity ownership in WorldWater, according to a company release. Now Quercus Trust and its affiliates own approximately 24.1% of the equity ownership in WorldWater.
"Thanks to the steadfast commitment of the Quercus Trust, WorldWater now has the funds critical to drive future growth," said Quentin T. Kelly, Chairman and CEO. "A portion of the financing will be utilized to complete the construction of our 50 MW production plant in Texas, which is vital to the many large awards we are now pursuing. The funds will also be used to hire staff, support global expansion, and bolster our R&D. WorldWater is clearly positioned for a strong 2008 and, with the acquisition of ENTECH now complete, ramping up to meet the rapidly-developing demand for solar energy worldwide."
About WorldWater & Solar Technologies
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that can not only generate and distribute electricity, but can drive 1000 horsepower motors and pumps from sunshine independently or in conjunction with the electric grid, providing solutions to a broad spectrum of the world’s electricity and water supply problems.
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