Earl Energy closed its $1 million debt offering which started this month. The non-brokered private placement was subscribed by two investors. The company raised an estimated $5 million until now. The debt offering’s expected net proceeds amount to $550,000 excluding $450,000 earmarked for the payment of officers’ salaries.
The company designs and manufactures solid state power generators for military, oil & gas, marine, and mining & industrial operations. There are no moving parts involved in solid state power generation which is of particular interest in portable applications. The company’s FlexGen Power Systems integrate advanced energy storage and power conversion technologies to optimize generator performance, reliability and efficiency.
The company, headquartered in Virginia Beach VA, is led by Joshua W. Prueher (CEO). Earl Energy elected not to disclose its revenues. The executive team includes W. Douglas Moorehead. The board of directors includes Jerrold L. Miller.
Status: Completed/Final close
Company: Earl Energy
Industry: Energy Conservation
Amount offered: $1,000,000
Amount placed: $1,000,000