QS Energy, Inc. announced that it has received $0.246 million in funding
December 08, 2021
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On December 9, 2021, QS Energy, Inc. closed the transaction. The company issued and sold to accredited US investors and non-U.S. investors an aggregate of $270,600 in principal amount convertible promissory notes and warrants to purchase an aggregate of 9,019,994 shares of common stock from October 20, 2021. The company received proceeds from the closing of the private placement of $246,000. The notes are due twelve months from their respective issuance dates. The notes do not bear interest. The warrants are exercisable into shares of the company’s common stock for a term of one year from their respective issuance dates at an exercise price of $0.04 per share.
QS Energy, Inc. develops and seeks to commercialize energy efficiency technologies that assist in improving the economics of oil transport and reducing greenhouse gas emissions. Its intellectual properties include a portfolio of domestic and international patents, a substantial portion of which have been developed in conjunction with and licensed by it from Temple University of Philadelphia, PA. Its primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. AOT is engineered specifically to reduce pipeline pressure loss, increase pipeline flow rate and capacity, and reduce shippersâ reliance on diluents and drag reducing agents to meet pipeline maximum viscosity requirements. Its AOT crude oil viscosity reduction technology directly targets the heavy crude oil transportation industry, initially targeting the midstream crude oil pipeline operations which deliver high volumes of heavy crude oil to market.
QS ENERGY, INC. 
