NEWS
Alternus Clean Energy Announces Binding Terms for Acquisition of Leading Storage and Solution Provider LiiON, LLC
Acquisition will bring proven pedigree and expertise in battery storage and support push into Microgrids
November 25, 2024 9:14 AM EST | Source: Alternus Clean Energy Inc.
New York, New York--(Newsfile Corp. - November 25, 2024) - Alternus Clean Energy, Inc. (NASDAQ: ALCE) ("Alternus"), a growing international renewable energy provider, today announces the signing of binding terms with LiiON, LLC, ("LiiON") a U.S.-based expert in advanced energy storage solutions. LiiON was founded in 2009 by a group of senior power quality experts with extensive backgrounds in engineering, marketing and sales of storage technology and services with large battery companies in the industry.
The acquisition marks a pivotal expansion for Alternus, strengthening its ability to deliver comprehensive renewable energy solutions to energy-intensive industries. LiiON's state-of-the-art battery technologies and engineering capabilities will enhance Alternus' market and customer reach, enabling clients to achieve greater energy reliability, efficiency, and sustainability from their owned assets.
LiiON has a roster of blue-chip corporate and federal customers in data center, retail, telecom, and solar/wind enterprise markets, including Amazon, NASA and Walmart. Alternus plans to build on these relationships to help drive growth in its new microgrid market segment and will also form a new Battery Energy Storage (BESS) division to further its growing pipeline in utility storage. Existing LiiON revenues will become part of Alternus' BESS division.
Alternus will pay $5 million using an asset purchase agreement, under which Alternus will acquire LiiOn's customer contracts, service agreements and partnerships. LiiON will exclusively license its intellectual property to Alternus as applicable. Total consideration will be in the form and debt and equity whereby Alternus will issue a $2 million non-convertible loan note payable over three years and issue 250,000 shares of common stock on closing, reflecting an underlying share price of $12.00. Completion of the acquisition will immediately improve Alternus shareholder equity by approximately $3 million.
November 25, 2024 9:14 AM EST | Source: Alternus Clean Energy Inc.
New York, New York--(Newsfile Corp. - November 25, 2024) - Alternus Clean Energy, Inc. (NASDAQ: ALCE) ("Alternus"), a growing international renewable energy provider, today announces the signing of binding terms with LiiON, LLC, ("LiiON") a U.S.-based expert in advanced energy storage solutions. LiiON was founded in 2009 by a group of senior power quality experts with extensive backgrounds in engineering, marketing and sales of storage technology and services with large battery companies in the industry.
The acquisition marks a pivotal expansion for Alternus, strengthening its ability to deliver comprehensive renewable energy solutions to energy-intensive industries. LiiON's state-of-the-art battery technologies and engineering capabilities will enhance Alternus' market and customer reach, enabling clients to achieve greater energy reliability, efficiency, and sustainability from their owned assets.
LiiON has a roster of blue-chip corporate and federal customers in data center, retail, telecom, and solar/wind enterprise markets, including Amazon, NASA and Walmart. Alternus plans to build on these relationships to help drive growth in its new microgrid market segment and will also form a new Battery Energy Storage (BESS) division to further its growing pipeline in utility storage. Existing LiiON revenues will become part of Alternus' BESS division.
Alternus will pay $5 million using an asset purchase agreement, under which Alternus will acquire LiiOn's customer contracts, service agreements and partnerships. LiiON will exclusively license its intellectual property to Alternus as applicable. Total consideration will be in the form and debt and equity whereby Alternus will issue a $2 million non-convertible loan note payable over three years and issue 250,000 shares of common stock on closing, reflecting an underlying share price of $12.00. Completion of the acquisition will immediately improve Alternus shareholder equity by approximately $3 million.
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