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World Energy Solutions Inc., a Worcester-based operator of online exchanges for energy and green commodities, has done a private placement deal with Bond Capital Ltd. that could bring $2.5 million to the company.
An unnamed purchasing entity that is an affiliate of Bond will buy $1 million worth of World Energy’s common stock at a cost of $2.97 per share. World Energy (Nasdaq: XWES) has also offered an additional $1.5 million in shares on the same terms to Bond or its designee. The price of those shares are to be determined at the time of investment, and the offer is good through Dec. 31, 2009.
According to World Energy officials, the money raised will be used for general corporate purposes and to help the company move its plans for growth forward.
In April, World Energy added its stock to the Nasdaq exchange, trading under the XWES. The company at the time was traded solely on the Toronto Stock Exchange under the ticker XWE, and now is traded on both markets.
World Energy’s 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).
For the third quarter, World Energy reported a net loss of $636,000, on revenue of $3.46 million. The loss was a big improvement over the same quarter last year, which saw a loss of $1.22 million on revenue of $3.29 million.
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