Worcester, MA-based World Energy Solutions (NASDAQ: [[ticker:XWES]]) said yesterday it is raising $5.5 million in a sale of 1.5 million shares of common stock ($3.60 per share) to several institutional investors. The company says the money will be used for new investments and acquisitions in energy management, among other strategic initiatives. World Energy is known for operating online auctions where energy suppliers compete to win contracts with big customers; early last year it moved into the “demand response” market, in which utilities pay factories, stores, and municipalities to curtail their energy use during peak demand times. The company, which is led by CEO Richard Domaleski, recently invested in a seed financing round for Retroficiency, an energy efficiency and retrofitting startup based in Boston.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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