Worcester-based Mass Megawatts Wind Power Inc. has raised $257,000 selling restricted shares of its common stock.
According to the company, part of the proceeds from the private placement sale will be used to pay down company debt. The remainder will be used to fund company growth by pushing for third-party verification of Mass Megawatts’ wind power plant technology.
Having the durability of its wind power systems verified will allow the company to get more favorable terms on long-term debt financing and large-scale equity financing for future projects. The company said it also has to find a way to finance marketing efforts.
For its 2008 fiscal year, Mass Megawatts reported a net loss of $228,348 on revenue of $27,008.
