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July 14, 2010

CleanTech Innovations, Inc. (EVCPD.OB)

CleanTech Innovations,Inc., a clean technology solutions provider for the wind and utilities industries, announced yesterday that it has completed a $10 million private placement.    The press release stated that this funding will assist greatly in enabling the company to process new purchase orders.

According to the press release, the company placed a total of 3,333,333 units priced at $3 per unit, with each unit comprising one share of common stock and a three-year warrant to purchase 0.15 shares of common stock at an exercise price of $3 per share.

Bei Lu, chairman and CEO of CleanTech, said proceeds of the financing will enable the company to address the matter of the increase in purchase orders. Also, the company announced its intention to list its common stock on a U.S. exchange.

“We are very pleased with the strong demand for this financing led by blue chip institutional investors in an expanded and highly oversubscribed offering. CleanTech intends to use the capital to expand significantly our production capabilities in order to fill rapidly growing orders for wind towers from our longstanding customers, including China’s top three largest national utility companies. Meanwhile, CleanTech intends to apply for the listing of our common stock on a U.S. national stock exchange in the near future,” Lu stated in the press release.