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Lime Energy Raises $2 Million Through Sale Of Convertible Preferred Stock

Lime Energy Co. (NASDAQ: LIME), the nation’s leading provider of energy efficiency for small businesses, announced that on January 29, 2013, it entered into a Preferred Stock and Warrant Purchase Agreement (the “Purchase Agreement”) with Greener Capital Partners Fund II, L.P. (the “Greener Capital”), in which Lime agreed to sell Greener Capital 200,000 shares of its Series B Convertible Preferred Stock (the “Preferred Shares”) and warrants to purchase 282,686 shares of the Lime’s common stock at $2.83 per shares, for a total purchase price of $2 million.

“Lime Energy is focused on one of the fastest growing segments of the clean energy industry, small business energy efficiency, and we are thrilled to have the support of Greener Capital,” said Adam Procell, President & CEO of Lime Energy. “This investment further strengthens our balance sheet and brings to $6 million the re-capitalization of our business over the last month. These resources should help to expand our business to meet increasing demand from existing clients during 2014.”

Lime Energy is providing their award-winning, performance-based direct install energy efficiency model to some of the nation’s largest utilities, including Duke Energy, AEP, National Grid, Northeast utilities and PSE&G. In the last nine years, the utility ratepayer-funded energy efficiency program market has grown tremendously. Utilities have struggled to engage their small business customers and get them to participate in these programs, but with over 25 years of experience with this market segment, Lime focuses solely on helping their utility clients to reach these small businesses.

The Preferred Shares purchased by Greener Capital are entitled to an accruing dividend of 12.5% per annum of their original issue price, payable semi-annually in arrears. Such dividends shall be paid in additional shares of Series B Preferred Stock at the original issue price (subject to adjustment for stock splits, combinations and similar recapitalizations) or, at the sole discretion of the Company’s board of directors, in cash.

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