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Worcester-based World Energy Solutions Inc. (TSX: XWE), an operator of online exchanges for energy and green commodities, has submitted an application requesting its common stock be traded on the Nasdaq Capital Market. Officials expect the company’s stock to begin trading in the symbol “XWES” later today.
World Energy stock will also continue to trade on the Toronto Stock Exchange under the symbol “XWE,” which it has been doing since November of 2006.
In a statement, World Energy officials said the move was aimed at gaining exposure for the company in the U.S. investment community and has been part of the company’s strategy for some time
World Energy develops online platforms for the buying, selling and trading of energy and related commodities. While its flagship platform, WorldEnergy Exchange, deals in auctions for traditional energy units, such as electricity and natural gas, in 2007 it launched World GreenExchange, an auction platform focused on carbon markets, including carbon credits, offsets and renewable energy certificates (RECs).
Under the GreenExchange, World Energy counts local cap and trade program Regional Greenhouse Gas Initiatives (RGGI) as a customer.
In 2008 the company reported a 35 percent increase in revenue over 2007, to $12.4 million, and a backlog of $19 million.
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