WorldWater & Power Announces Financing and a New Contract

WorldWater & Power Corp. signed a term sheet for up to $5 million in financing through the sale of convertible debentures led by an existing institutional investor, who has agreed to exercise warrants that will result in the infusion of $1.9 million of additional funds into WorldWater & Power Corp.

“By providing additional financing to cover our growth requirements, an existing investment firm has shown its conviction in our technology and business model,” said Quentin T. Kelly, Chairman of WorldWater & Power Corp. “As we respond to the demands of the marketplace, we expect to see sequential growth which validates our unique applications, rapid response time, and dedication to customers seeking long-term solar solutions to their energy needs,” Kelly added. In a second announcement, WorldWater & Power Corp. announced the signing of a contract with the Borough of Hightstown in Central New Jersey to build two solar power systems on water facilities, subject to financing. WorldWater & Power will design, install and maintain the system. Solar power will automatically run in parallel with the public utility for seamless and improved reliability. One installation will serve a water treatment plant and public works garage, while the other will power a wastewater treatment facility. Construction value of the complete project is $4.9 million. Under WorldWater’s Alternative Clean Energy Service (ACES) plan, the Borough of Hightstown will purchase solar electricity from an external financial entity, arranged by WorldWater, at a rate that is guaranteed to be lower than the rate they would pay their conventional electric utility.
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