- Battery Mineral Resources (BMR) has completed its acquisition of ESI Energy Services
- ESI is a pipeline and renewables equipment rental and sales company with principal operations in Leduc, Alberta and Phoenix, Arizona
- Battery had owned 89.2 per cent of the ESI common shares before the share consolidation
- ESI has applied to the Canadian Securities Exchange to delist its common shares
- Battery Mineral Resources is flat, trading at C$0.63 at 3:46 pm ET
Battery Mineral Resources (BMR) has completed its acquisition of ESI Energy Services.
ESI is a pipeline and renewables equipment rental and sales company with principal operations in Leduc, Alberta and Phoenix, Arizona.
Battery had owned 89.2 per cent of the ESI common shares before the share consolidation, now owns 100 per cent.
ESI has applied to the Canadian Securities Exchange to delist its common shares and has applied to applicable Canadian provincial securities regulatory authorities to cease its reporting issuer status
Together with its operating subsidiaries, ESI rents and sells backfill separation machines, called padding machines, to mainline pipeline contractors, renewables and utility construction contractors, as well as oilfield pipeline and construction contractors.
The principal market places for ESI are in oil and gas with an increasing presence in the renewable energy marketplace where their products and service are used to construct wind and solar power generation farms.
“We are excited to have completed the agreement to add ESI to our portfolio. This transaction represents a unique opportunity to add immediate cash and positive cashflow to Battery. Consideration of offers to sell the business are on the table. While considering options to monetize, the focus for this new segment of Battery will be to initiate strategies intended to increase the value of this business to Battery shareholders. These strategies may include, among others, the sale of non-core assets, improvement of margins by reducing costs such as corporate overhead and investigating opportunities to increase revenue through expanding the product and services offerings. We look forward to continuing to advance our corporate strategy by realizing the value of our current projects for our shareholders while bolstering our platform with additional accretive investments in this exciting and growing space,” said Battery Mineral CEO Martin Kostuik.
Battery Mineral Resources is flat, trading at C$0.63 at 3:46 pm ET.
