Candi Solar completes convertible note offering capped at $4.2 million

Persistent disclosed a follow-on investment in Candi Solar’s oversubscribed convertible round on July 5, 2021. Candi subsequently reported on September 30 that demand for the offering exceeded its $4.2 million maximum issuance amount.

An unnamed Swiss private bank and existing shareholders led the offering. The proceeds were intended to support growth ahead of the planned Series B, including customer expansion and development of energy storage and electric vehicle infrastructure.

Use of funds

Finance growth ahead of the planned Series B close

Expand the customer base and prepare energy storage, electric vehicle infrastructure and geographic expansion

Funding history

Sources

1. Persistent follow-on in Candi convertible roundpersistent.energy · Jul 5, 2021↗
2. successful kick start to series b fundraisingcandi.solar · Sep 30, 2021↗