$5.5M Stock Sale for World Energy
Worcester, MA-based World Energy Solutions (NASDAQ: XWES) said yesterday it is raising $5.5 million in a sale of 1.5 million shares of common stock ($3.60 per share) to several institutional investors. The company says the money will be used for new investments and acquisitions in energy management, among other strategic initiatives. World Energy is known for operating online auctions where energy suppliers compete to win contracts with big customers; early last year it moved into the “demand response” market, in which utilities pay factories, stores, and municipalities to curtail their energy use during peak demand times. The company, which is led by CEO Richard Domaleski, recently invested in a seed financing round for Retroficiency, an energy efficiency and retrofitting startup based in Boston.