- Clear Blue has completed the acquisition of eSite Power Systems after issuing 3,000,000 common shares to eSite’s shareholders
- eSite Power Systems is a Swedish technology company that specializes in power supply systems for telecom sites
- The company also announced plans to close a second tranche of its private placement for gross proceeds of up to $1,238,332 by the end of January
- Clear Blue Technologies delivers clean, managed wireless power across 37 countries
- Clear Blue Technologies International Inc. (CBLU) opened trading at C$0.08
Clear Blue Technologies (CBLU) has closed the acquisition of eSite Power Systems.
The company issued 3,000,000 common shares to eSite Power Systems’ shareholders and is being completed on a cash-free, debt-free basis.
Clear Blue recently announced a non-brokered private placement for gross proceeds of up to approximately C$2,500,000. A first tranche closed in December, raising gross proceeds of $1,261,668 with certain members of Clear Blue’s management and board of directors investing $599,871.
The company plans to close a second tranche for gross proceeds of up to $1,238,332 by the end of January. The second tranche includes Pegroco Invest AB, an investment company holding a 49 per cent stake in eSite, contributing up to $762,500. Pegroco is guaranteeing certain vendor commitments by eSite through 2023.
“eSite currently has over 1,000 power systems operating in the field that can benefit from Clear Blue’s Illumience software and management service,” said Clear Blue CEO Miriam Tuerk.
“Their technology and broad customer base in the retrofit market dovetail nicely with Clear Blue’s new install business, providing significant expansion opportunities in our key markets. Combined with the Offering, management is confident the acquisition can help drive Clear Blue’s growth and drive to cash flow breakeven in 2023, as evidenced by management’s and Pegroco’s substantial participation in the coincident private placement.”
eSite Power Systems is a Swedish technology company that specializes in power supply systems for telecom sites.
Clear Blue Technologies International, the Smart Off-Grid company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada.
Clear Blue Technologies International Inc. (CBLU) opened trading at C$0.08.