Financing Boost for Solar Water-Pumping Co.

April 12, 2004 [] Solar photovoltaic (PV) water-pumping company WorldWater has received a US$3.64 million common stock purchase commitment, with a call on an additional $3.64 million at WorldWater’s option, for a total of $7.28 million. SBI Brightline VIII, an affiliate of SBI-USA, will provide the investment, subject to certain conditions. Quentin T. Kelly, Chairman and CEO of WorldWater Corp said the financing provides the needed capital to fund the company’s growth strategy. “We are better positioned than ever to capitalize on the exciting opportunities we feel exist in the solar energy and water management industries, both in the United States and overseas,” Kelly said.
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