Alternus Clean Energy Inc (NASDAQ:ALCE, OTC:ACLEW) announced it has signed binding terms to acquire LiiON, a leading US-based provider of advanced energy storage solutions, marking a significant step in expanding its renewable energy capabilities.
The company said the acquisition will bolster its ability to offer comprehensive energy solutions, particularly in the microgrid market, and enhance its Battery Energy Storage (BESS) division.
LiiON’s expertise in battery technology and its existing partnerships with top-tier clients such as Amazon, NASA, and Walmart will strengthen Alternus' market reach, it added.
"This acquisition of LiiON is the first key step in pursuit of our strategy to become a more comprehensive energy provider, whether that be via utility scale solar, clean energy microgrids and other clean technologies,” Alternus Clean Energy CEO Vincent Browne said in a statement.
“LiiON's innovative battery technologies perfectly complement our mission to make renewable energy more abundant, affordable and accessible and to allow us deliver on our vision of delivering energy 24/7.”
Gary Gray, LiiON CEO, said he was thrilled to join the Alternus team.
“The energy storage market is a critical enabler of the clean energy transition, and LiiON's systems are designed to deliver reliability and performance in even the most demanding environments,” Gray said. “Together with Alternus and its partners, we are poised to make a meaningful impact on industries like data centers that are key to the global economy."
The deal, valued at $5 million, includes the acquisition of customer contracts, service agreements, and intellectual property.
Payment will consist of a $2 million non-convertible loan note and 250,000 shares of common stock.
The acquisition is expected to increase Alternus’ shareholder equity by approximately $3 million and close by the end of fiscal 2024.