News
Energy Plug to acquire True North Battery
2023-09-01 20:19 ET - News Release
Mr. Paul Dickson reports
ENERGY PLUG TECHNOLOGIES AGREES TO ACQUIRE TRUE NORTH BATTERY STORAGE CORP.
Energy Plug Technologies Corp. has entered an agreement to acquire 100 per cent of True North Battery Storage Corp., a Canadian-based company which has a letter of intent for co-operation with C-Life Technologies Inc., a Taiwan registered company.
Paul Dickson, president and chief executive officer of Energy Plug, stated, "We are very pleased with this transaction, which we believe will enhance our operation greatly."
Established in 2009 in Taipei, Taiwan, C-Life Technologies has won awards for its innovative battery technology in Germany, China and Taiwan. C-Life has gained global recognition for its exceptional battery energy storage systems. Energy Plug recognizes the value and market potential of C-Life Technologies' solutions and is committed to building upon its legacy of excellence.
Chairman of C-Life Technologies Arthur Li commented: "I am delighted to announce our partnership with Energy Plug Technologies Corp. through their acquisition of True North Battery Storage Corp. This partnership opens up exciting opportunities for growth and collaboration, and we look forward to a successful journey ahead."
The acquisition, which is an arm's-length transaction, is subject to customary conditions of closing, and is expected to close in the coming weeks. The consideration for the acquisition consists of eight million units of the company. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share of the company at 10 cents for a period of 24 months from the date of issuance. All units are subject to a four-month restriction on transfer.
About Energy Plug Technologies Corp.
Energy Plug is a software development company encompassing cutting-edge artificial intelligence and machine learning capabilities, complementing its existing suite of software development activities which include developing software technology utilizing advanced algorithms and real-time data analysis to monitor electric vehicle charging stations, as well as AI enhanced software development services and intelligent networking solutions for the virtual private network (VPN) sector targeting retail and small- and medium-sized enterprise markets.
Greentech Hydrogen Innovations Corp. is a wholly owned subsidiary of Energy Plug, a start-up energy company formed to identify opportunities in both the science for the purpose of commercialization and the development of products and services addressing the growth in a wide range of long-term hydrogen businesses related to global energy policy objectives and targets. Greentech currently has a patent pending of its hydrogen-of-things smart hydrogen storage and distribution sensor technology.