Composite Technology Corporation has completed a $15 million financing through sale of a 6% convertible debenture.
CTC are a leading developer of high-performance composite core cables for electric transmission and distribution lines.
Midsummer Investment, Ltd., was the lead investor, and three additional funds participated. Proceeds from the financing will be used to scale-up manufacturing, add inventory, increase sales/marketing efforts and for general operating purposes. CTC anticipates that the proceeds from this financing will sustain the Company to cash flow positive.
Benton Wilcoxon, CTC Chairman and CEO said, “”These proceeds enhance our financial strength and ability to capitalize on the opportunities of our technology to generate future growth.””
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