March 3, 2008
Cool Earth Solar Closes $21 Million Series A Financing
GroupGemstone investment, Cool Earth Solar (www.coolearthsolar.com), a developer and owner of utility-scale solar power plants, announced an initial closing of $21 million in its Series A financing.
"Closing the first round of Series A financing is a significant milestone for Cool Earth Solar, and positions the company to tap the growing demand for alternative energy sources," said GroupGemstone CEO, Alex Edelstein, a member of the Cool Earth Solar board of directors.
Cool Earth Solar owns proprietary technology which is radically different from other high concentration photovoltaic (CPV) systems. "Cool Earth Solar power plants will produce electricity at a cost lower than natural gas-fueled plants. Our innovative solar technology delivers economically as well as environmentally." added Cool Earth Solar Chief Executive Officer, Rob Lamkin.
"We will apply the funding towards expanding our team, developing our technology, and building our state-of-the-art solar power plants. We are actively seeking exceptional engineers, scientists, and manufacturing designers," continued Lamkin.
About Gemstone
Gemstone Development, the developer of ManhattanWest, is one of the most prolific condominium developers in Las Vegas. Gemstone's previous project, Manhattan Condominiums, was the first new mid-rise condominium to be built in Las Vegas since 2002, and at $230 million dollars is one of the largest mid-rise projects in Las Vegas. Manhattan Condominiums sold out its initial 700 units, and recently has finished construction on its last building. Gemstone delivers unique, state-of-the-art features such as its ManhattanTransfer® errand service and ManhattanMD® medical services. Gemstone Development was founded by Alexander Edelstein in 2003. ManhattanWest can be viewed on the web at ManhattanWest.com. Gemstone can be reached on the web at: GemstoneDev.com.
Contact:
Mark Chatow
Gemstone Development, LLC
702.614.3193
markc@gemstonedev.com
www.gemstonedev.com
About Cool Earth Solar
Cool Earth Solar develops, builds, and owns solar power plants utilizing its proprietary concentrated photovoltaic technology. By radically reducing the material cost and weight of CPV, Cool Earth Solar has engineered a cost effective power plant that competes economically with conventional fuels. Cool Earth Solar can be reached on the web at: CoolEarthSolar.com.
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