Newport Beach-based investment firm Kodiak Capital Group LLC agreed to buy $5 million worth of common stock of Cirque Energy Inc., a Detroit-based developer of alternative energy sources.
It will have one year to make its purchases after registration filings with the Securities and Exchange Commission take effect.
Cirque said it will use any proceeds from the transaction to “further develop and commercialize projects,” including construction of the previously announced Midland Biomass Power Station in Midland, Texas, as well as working on a joint development agreement with Northrop Grumman Corp.
It said it expects both projects to generate revenue in 2015.
