Los Gatos, Calif. -- Akeena Solar, a Los Gatos-based designer and installer of solar power systems, said on Thursday that it has reached deals with investors to raise $12.6 million by selling nearly 4.6 million of its shares to private investors. The deal is expected to close on Friday,with the company using the proceedsfor growth initiatives, capital expenditures, research and development and working capital. "This financing will be used to fuel our continued growth, particularly as we expand our footprint," said Barry Cinnamon, the company's CEO. Following this transaction, Akeena will have approximately 23 million shares of stock outstanding. Founded in 2001, Akeena sells residential and small commercial solar power systems in California, New Jersey, New York, Connecticut and Pennsylvania.
http://www.akeena.net
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