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Thursday, 16 May 2024

pv

Solar EnerTech seals $8.3 m deal with institutional investors

Solar EnerTech Corp., a California-based solar firm with a Chinese focus, has completed a private placement with Institutional Investors for $8.3 million. The money will be used, partially at least, on the purchase of silicon. After the payment of fees and expenses of the private placement, the net money received is slightly above $7.5m, which will be used for working capital and general corporate purposes including, but not limited to, the purchase of silicon feedstock to fulfill recent purchase orders. Additionally, the company will purchase equipment for its second production line, with a total capacity of 25 MW, to be launched this spring (it is currently ahead of schedule).

"This direct investment in Solar Enertech enables the Company to fulfill on its recent purchase orders and begin the construction of the second 25Mw production line. We believe that the net proceeds that the Company has received from this financing will help the Company to execute on its business plan and accelerate the growth of its business" MrLeo Shi Young, Solar EnerTech President & CEO, said about the deal..

For additional information:

www.solarenertech.com
Tags: Solar
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