Open Energy Closes $4.7 Million Financing with The Quercus Trust

SOLANA BEACH, Calif. Open Energy Corporation a developer of clean energy solutions and innovative energy management applications and products, announced it has closed the final portion of its previously announced $4.7 million financing with The Quercus Trust, one of the leading cleantech venture funds in North America.

Quercus invested a total of $4.7 million in Open Energy in this financing, consisting of $4.2 million in cash, and $500,000 of forgiveness of accrued interest and restructuring fees relative to other obligations to Quercus. In exchange, Open Energy issued to Quercus warrants to purchase a total of 235,000,000 shares of common stock, at a price of $0.02 per warrant, with an exercise price of $0.067 per share.

Open Energy also announced that the previously-disclosed management and board changes became effective with the closing of the remainder of the Quercus investment. Following the closing of the financing, the Board of Directors consists of five members, three of whom were appointed by Quercus, and two of whom were existing members of the board. David Field, the current president and chief operating officer, is leading the board as Chairman and will assume the role of chief executive officer effective November 1, 2008.

Quercus is recognized as one of the leading cleantech venture funds in North America with strategic investments in the clean technology areas of solar, water, biofuels, wind and batteries. Quercus is known to provide more value than just funding and take a longer-term view of invested capital combined with their industry expertise and relationships.

About Open Energy Corporation

Open Energy is a renewable energy company focused on development and commercialization of a portfolio of solar technologies capable of delivering power and related commodities on a global basis. Open Energy offers award-winning, building-integrated photovoltaic (PV) roofing systems for residential, commercial and industrial applications. Marketed under the trade name SolarSave, the product line includes PV tiles, roofing membranes, and custom architectural glass panels, as well as integrated inverters and web-based monitoring systems. The Company’s mission is to harness the power of the sun to deliver complete renewable energy solutions to its customers. For more information on Open Energy, please visit www.openenergycorp.com.