Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sauer Gets $5 Million Equity Line for Small Wind Turbines

Don't Miss Out —
Follow us on:

Aug. 21 (Bloomberg) -- Sauer Energy Inc., a maker of small-scale vertical-axis wind turbines, rose the most in more than two years after it signed a $5 million equity-line financing agreement with St. George Investments LLC.

Sauer climbed 51 percent to 23 cents at the close in New York, the biggest jump since July 23, 2010. That reduced the loss this year to 68 percent.

Sauer Energy will use the funding from St. George to produce its WindCharger wind turbines, the Newbury Park, California-based company said today in a statement.

The equity line from Chicago-based St. George will also be used to make turbines at Helix Wind Corp., which Sauer bought in May, according to the statement. The financing is on a 36-month term and provides a 6 percent discount to market prices. Additional financial terms weren’t disclosed.

“Having this equity mechanism available to us, we are aiming to maintain a debt-free balance sheet,” Chief Executive Officer Dieter Sauer said in the statement.

Sauer Energy’s so-called microwind turbines are smaller than the utility-scale turbines made by Vestas Wind Systems A/S and General Electric Co. and can be used to reduce grid power use at homes and businesses or for off-grid applications.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.