Main Street Power raising Series B round
Doug Storum
BOULDER - Main Street Power Co. Inc. is in the midst of trying to raise $5 million by issuing equity securities, according to a document filed with the Securities and Exchange Commission.
 
Boulder-based Main Street Power has raised $500,000 of the amount so far and will continue the effort through August. Minimum investment accepted from an outside investor is $50,000, said T. Amory Host, Main Street Power's president and chief executive.
 
Host said the company is targeting $3 million in the round but filed for up to $5 million.
 
The money would be used for working capital to aid in the company's growth, Host said. The Form D filing said depending on the total amount raised, between $150,000 and $850,000 of the proceeds may be used to repay outstanding loans from certain officers and board members.
 
Main Street Power, founded in 2009, raised a Series A round of $3.75 million in 2010.
 
Main Street Power aggregates engineering, financing, procurement, construction and management to develop solar energy projects.
 
It owns and operates 1,000 solar sites across North America that combined generate 40 megawatts, enough power to serve a city of approximately 25,000.