Alternus Clean Energy, Inc., a US-based renewable energy provider, plans to acquire LiiON, LLC, a US company specializing in energy storage solutions. Founded in 2009, LiiON supports data centers, retail, telecom, and renewable energy sectors, serving clients like Amazon, NASA, and Walmart. The $5 million deal involves an asset purchase agreement, granting Alternus access to LiiON’s contracts, partnerships, and intellectual property. Payment includes a $2 million loan note over three years and 250,000 common stock shares valued at $12.00 each. Expected to close by the end of fiscal 2024, the acquisition could boost Alternus‘ shareholder equity by $3 million, enhancing its renewable energy offerings and market reach.
Alternus to expand storage solutions with LiiON deal
The acquisition is expected to close by the end of fiscal year 2024, pending standard conditions. (Image Source: Alternus Clean Energy)
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