Capital injection

Green electricity retailer Jackgreen said on Tuesday it had raised up to $2 million with a placement of 18.5 million shares to professional investors at 11¢ each. The group said the funds would be used to shore up working capital for the business, including the full roll-out of its solar hot water business. Jackgreen, whose stock has shed just over 10 per cent of its value so far this year, reaffirmed that it was on track to achieve earnings targets, despite difficult financial market conditions. It said it would continue to expand its Easy Being Green carbon offset business and expected new initiatives to increase shareholder value over the next 12 months. It booked a $2.43 million net loss in fiscal 2008, but this was a 74 per cent improvement on the previous period due to strong customer growth and improved cost efficiency. Khia Mercer