Pulse Utilities New Zealand Ltd said it has raised $4.26 million of new capital from 18 people in a private capital raising.
This was slightly more that the $4m the company was seeking in the sale of new shares at 50c each.
Chief executive Dene Biddlecombe invested $500,000 in the offer.
New shareholders include interests associated with Malcolm Dick, who established CallPlus and founded Call Australia. Mr Dick will be an alternate director to Mr Biddlecombe.
Interests associated with Robert Famularo have invested $1.2m. He has been granted 250,000 options and will join the board.
Buller Electricity has invested $1.2m and will work toward a launch of Pulse Energy in the Buller region in 2010. Relief from the Commerce Commission is needed for a Buller representative to join the board.
The money raised will help Pulse build its electricity retailing arm and deploy smart meter technology into homes.
