Alternus Clean Energy Inc (NASDAQ:ALCE, OTC:ACLEW) has completed its acquisition of LiiON, LLC, a US-based leader in advanced energy storage solutions, in a move CEO Vincent Browne says will significantly enhance the company’s position as a comprehensive energy provider.
"Completing this acquisition is a significant step forward for Alternus as we execute our strategy to become a comprehensive energy provider, encompassing utility-scale solar, clean energy microgrids, and other clean technologies,” Browne said in a statement.
“This acquisition is immediately accretive to shareholder equity, adds sustainable revenue streams, and introduces a roster of blue-chip customers, positioning Alternus for renewed growth and long-term success.
Alternus acquired LiiON for $5 million through a mix of debt and equity, including a $2 million non-convertible loan note payable over three years and the issuance of 250,000 shares of common stock at $12 per share.
The acquisition improves Alternus’ shareholder equity by approximately $3 million and brings in LiiON’s customer contracts, service agreements, and partnerships.
LiiON’s advanced battery technologies and engineering capabilities are expected to bolster Alternus’ offerings in energy reliability, efficiency, and sustainability. The acquisition also sets the stage for the creation of a dedicated Battery Energy Storage Systems (BESS) division, which will integrate LiiON’s revenues and technology into Alternus’ operations.
Browne emphasized the strategic fit of LiiON within Alternus’ broader goals, particularly in addressing the energy needs of data centers and corporate clients, which form the majority of LiiON’s existing customer base. “It is the perfect complement to our microgrid segment as we focus on addressing the energy challenges created by increased power demand,” he noted.
Gary Gray, CEO of LiiON, echoed Browne’s sentiments.
“Whether in utility-scale solar or distributed energy resources like microgrids, the energy storage market is a key enabler of the clean energy transition,” Gray said.
“LiiON's systems are designed to deliver reliability and performance in even the most demanding environments. We're thrilled to join Alternus and contribute to what is set to be an incredible journey of growth and innovation."