CleanTech Innovations, Inc. (EVCPD.OB), a U.S. company involved in China’s wind and utilities industries, raised $10 million through a private equity placement.
CleanTech said it intends to use the capital to expand
production capabilities for wind
towers.
Bei Lu, Chairman and CEO of CleanTech, also said the company intends to
apply for the listing on a U.S. national stock
exchange in the near future.
CleanTech counts China’s three
largest national utilities among its customer. The company’s products
include wind turbine towers, bellows expansion joints and pressure
vessels, which are broadly used in the wind power, steel, coking,
petrochemical, high voltage electricity transmission and thermoelectric
industries.
CleanTech placed an aggregate of 3,333,333 units at $3 per unit, with each unit consisting of one share of common stock plus a three-year warrant to purchase 0.15 shares of common stock at an exercise price of $3 per share. None of the securities issued in the offering were registered. The Company has a total of 22,463,333 shares of common stock issued and outstanding after this offering, or 23,296,666 shares on a fully diluted basis.
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