Renewable Energy Company Solicits Millions in Private Funding

A Canadian company involved in renewable energy has raised almost $60 million in private equity to expand its operation.

VANCOUVER, British Columbia, CA, 2001-07-10 [SolarAccess.com] A Canadian company involved in renewable energy has raised almost $60 million in private equity to expand its operation. Xantrex Technology Inc. has completed a $58.5 million placement that will fund product development, market expansion and increasing manufacturing capacity. “We have developed a dynamic growth strategy and this financing provides the capital to execute our plan,” says chairman and CEO Mossadiq Umedaly. “There are excellent prospects in each of our markets for both existing and emerging products. Accordingly, we are accelerating the development and introduction of new products and expanding our manufacturing capabilities.” “In some cases, demand for our products exceeds supply, such as our solar power products and our residential and small commercial backup power solutions, which provide electricity when utility power fails,” he adds. Xantrex has raised $164 million in the past 18 months and has added new product lines and increased market presence through the acquisition of several companies, all of which have been integrated into its operations over the past year. A combination of acquisitions and internal growth has raised revenues from $15 million in 1998 to $150 million last year. The privately owned company has 700 employees at its head office in Vancouver and facilities in Arlington, Washington and Livermore, California. It manufactures power electronic and control products, and is best known for its inverters for solar and wind energy installations. Its brants include Trace, Heart and Statpower.
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