Utah-based Blue Castle Holdings entered into the agreement with LeadDog Equity L.P. for private equity financing up to $30 million, according to a statement by Blue Castle. The money will be issued to Blue Castle as payment for new stock sold to LeadDog Equity, the statement said.
By issuing new stock over a three-year time period, the company can raise funds at different times depending on its needs in the long licensing process, the statement said.
The structure of this capital is very complimentary to our licensing schedule,” said Blue Castle CEO Aaron Tilton in the statement.
According to information provided by the Nuclear Regulatory Commission (NRC), Blue Castle Holdings is expected to apply in 2011for the first of several licenses needed to construct and operate a nuclear power facility.
If approved and built, the Green River facility will be the first nuclear power plant in Utah, according to the NRC.