Arizona-based Nacel Energy closes US$300,000 in capital financing, one of a series of notes that could total US$4.3M to fund six current wind projects in Texas and Arizona, wind development in other states
October 7, 2010
– NACEL Energy Corporation (OTC.BB:NCEN - News) (Frankfurt:4FC - News) (the "Company") today confirmed it has now closed and received $300,000 in capital funding, being the amount due under a $300,000 Secured & Collateralized Promissory Note executed earlier this year with JMJ Financial. This Note is one of a series of similarly structured Notes which, if all are closed and fully funded as contemplated over the next 36 months, will provide NACEL with an aggregate $4.3 million in capital funding.
NACEL Energy Chief Executive Officer, Mark Schaftlein, stated:
"NACEL continues to invest in our core wind power business. In addition to funding our six existing projects in Texas and Arizona, the Company also intends to pursue opportunities in other States, with the longer term goal of securing a larger portfolio of wind energy assets than the Company possesses today, with enhanced geographic and power market diversity."
Under the terms of NACEL's funding arrangement with JMJ Financial future transactions are not a certainty, but are dependent upon events, including, without limitation, the Company's progress in developing its wind energy projects, its financial condition and other business factors.
For further information, please refer to the Company's Form 8-K previously filed on March 30, 2010 and the accompanying news release issued the same day.
About NACEL Energy Corporation (OTC.BB:NCEN - News)
NACEL Energy is one of the first publicly traded companies in America exclusively developing clean, renewable, utility scale wind power. The Company currently anticipates generating an aggregate 130 megawatts of new wind power upon the commissioning of its Snowflake project in Arizona, in addition to Leila Lake, Hedley Pointe, Swisher, Channing Flats and Blue Creek, all located in the Texas Panhandle. NACEL Energy was founded in 2006 and successfully completed its IPO in December of 2007.