Garden Grove-based power plant owner and operator 808 Renewable Energy Corp. will begin trading Wednesday on the Over-The-Counter Bulletin Board.
The company will be traded under the symbol RNWR.
“We’re excited that our investors are going to have an opportunity for liquidity,” Chief Executive Patrick Carter told the Business Journal.
808 first filed for an initial public offering in October 2012. It rescinded the filing after raising nearly $2.8 million through a private stock sale.
The company has raised about $30 million to date and carries no debt, Carter said.
“We’re properly capitalized,” he said, and “the only public utility company in California that’s debt free.”
808 is focusing on cogeneration plants, which are small power stations that produce electricity for buildings by capturing steam and exhaust and converting it to electricity for buildings’ heating and cooling systems.
The plants, which are smaller than those run by a utility, are powered by natural gas and capture heat or exhaust gas that would otherwise be wasted. 808 acquires the plants, equips them with new engines, steam boilers and turbines, and sells power back to the building operator.
It operated 25 combined-heat and power plants at the end of 2013, generating revenue of about $1 million, according to its annual report.
The clean-technology company has lost about $15 million since its inception in 2009, according to regulatory filings.
