March 10, 2010 (FinancialWire) — Acorn Energy, Inc. (NASDAQ: ACFN) said it has entered into purchase agreements with certain accredited investors for the sale of 2,231,818 shares of its common stock at a price to the purchasers of $5.50 per share. The company said it expects to see gross proceeds of around $12.275 million.

The company plans to use the net proceeds from the offering, to finance certain pending acquisitions, possible future acquisitions, and for working capital and other general corporate purposes.

Delaware-based Acorn Energy is a holding company with equity interests in CoaLogix, Coreworx, DSIT, GridSense and US Sensor Systems. These companies are focused on three problems in the energy sector: improving the efficiency of the energy grid, reducing the risk for owners of large energy assets, and reducing the environmental impact of the energy sector.

Acorn’s strategy is to take primarily controlling positions in companies led by entrepreneurs.

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