A first close of $2.35 million was initiated by Intellihot Green Technologies on its $4 million equity offering.
So far twenty-three investors committed to the non-brokered placement which started last Wednesday. $1.65 million in additional funding can be raised before February 2018 based on the placement's structure. A total of five unregistered securities offerings closed by the company raised an estimated $14.58 million.
Intellihot Green Technologies designs, markets and develops a tankless water heater which delivers instant, endless hot water for home or business applications. The company's product was engineered to be a more efficient, intelligent water heating and delivery system.
Intellihot Green Technologies, registered in 2017, is headquartered in Galesburg IL. It is led by Sridhar Deivasigamani (President). Revenues were not disclosed. The executive team includes Sivaprasad Akasam. The board of directors includes Praveen Sahay and Stephen Einhorn.
The company has raised an estimated total of $16.93 million via private unregistered security offerings.
Offering recap Status: First close Company: Intellihot Green Technologies Industry: Manufacturing Amount offered: $4 million Amount placed: $2.35 million SEC filing: Source First sale: 02-01-2017 Data as of: 02-07-2017