Alternus Clean Energy, Inc. announced on November 25, 2024, the signing of binding terms to acquire LiiON, LLC, a U.S.-based expert in advanced energy storage solutions. This acquisition marks a pivotal expansion for Alternus, strengthening its ability to deliver comprehensive renewable energy solutions.
The acquisition consideration is $5 million, structured through an asset purchase agreement involving a $2 million non-convertible loan note payable over three years and the issuance of 250,000 shares of common stock, reflecting an underlying share price of $12.00 per share. The completion of this acquisition is expected to immediately improve Alternus's shareholder equity by approximately $3 million.
LiiON brings a roster of blue-chip corporate and federal customers, including Amazon, NASA, and Walmart, in data center, retail, telecom, and solar/wind enterprise markets. Alternus plans to leverage these relationships to drive growth in its new microgrid market segment and establish a dedicated Battery Energy Storage Systems (BESS) division.
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