September 21, 2009, 2009 (FinancialWire) — SmartHeat Inc. (NASDAQ: HEAT) has priced a public offering of 7,246,087 shares of its common stock at $9.00 per share. William Blair & Co. is acting as the sole book running lead manager.

The size of the offering has been increased from its original five million shares. SmartHeat has granted the underwriters an over-allotment option to purchase 1,086,913 additional shares of common stock.

SmartHeat said it expects to see net proceeds of around $60,249,748. The company plans to use the funds for general corporate purposes, including expansion of its product offerings, capital expenditures, and to meet working capital needs.

New York-based SmartHeat manufactures standard plate heat exchangers, custom plate heat exchanger units and heat meters, and has its primary operations in China. The company’s products address air pollution problems in China, and its customers include g companies as well as municipalities and industrial and residential users. SmartHeat was founded by James Jun Wang, a former executive at Honeywell China.

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