Correlate Energy converts $8 million of debt into preferred equity, strengthening financial position

Jul 25, 2024•over 1 year ago

Contract Type

partnership

BoiseSolarRenewable EnergyEnergy

Description

Correlate Energy Corp. finalized agreements with debtholders to convert over $7 million of outstanding notes payable and approximately $1 million of long-term accounts payable into equity, strengthening the company’s balance sheet and positioning it for continued growth. The strategic move reflects the debtholders’ confidence in the company’s long-term prospects and commitment to supporting its growth initiatives.

Company Information

Company

Correlate Energy Corp

Location

Boise, Idaho, United States

About

Correlate Energy Corp. (OTCQB: CIPI) is a publicly traded company strategically positioned to capitalize on America’s unstoppable trend toward decentralized energy generation. The company employs a three-pronged strategy to create stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems and thereby realize ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies in order to exponentially grow earnings per share for investors. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more, go to: https://www.correlate.energy/investors. General inquiries:Correlate Energy Corp.www.correlate.energy(855) 264-4060info@correlateinc.com Forward-Looking StatementsThis news release may include forward-looking statements regarding Correlate Energy Corp., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Energy Corp. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Energy Corp. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Agreement Insights

Based on industry data
Strategic partnership established
Partnership agreements typically involve technology integration and joint go-to-market strategies
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Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months