Sauer Energy Inc., the Newbury Park-based technology developer and manufacturer, announced today that it entered into a $5 million equity line agreement with St. George Investments, which the company hopes will fund further growth.
“We appreciate St. George for extending funding that will enable us to better implement our growth strategies to formally launch our WindCharger brand model and resume sales of Helix Wind turbines. The favorable terms of the agreement, especially the low discount to market rate, will minimize dilution and enable us to better maximize value to our shareholders,” said Dieter Sauer, president and CEO of SEI, in a press release.
The company, which is focused on the emerging renewable energy market, completed the acquisition of vertical axis wind turbine manufacturer Helix Wind in May.
John Fife, president of the Illinois-based St. George Investments, said, “We believe that Sauer Energy has created an excellent vertical axis wind platform and is well positioned for rapid growth. This financing will provide the expansion necessary for large scale manufacturing,” in a prepared statement.
SEI manufactures small wind turbine systems that can be roof-mounted on homes or small buildings.