SPI buys into ZBB Energy orders energy storage systems
Apr 17, 2015 17:50 CEST
April 17 – Solar Power Inc (OTCBB:SOPW), or SPI, will invest an initial USD 33.4 million (EUR 31m) in ZBB Energy Corp (NYSEMKT:ZBB) under a new alliance that also includes a contract for the supply of 40 MW of batteries over four years.
China-based SPI has agreed to buy 8 million ZBB common shares worth a total of USD 5.4 million plus 28,048 Series C convertible preferred shares for a further USD 28 million, it said in a statement on Friday. In addition, the photovoltaic (PV) developer will receive a warrant for the purchase of 50 million more ZBB common shares for USD 36.7 million.
As soon as this transaction closes, the parties will also enter into an agreement that calls for the US company to supply 40 MW of its energy storage systems to SPI over a period of four years. In a separate statement, ZBB said that the supply contract will be worth between USD 80 million and USD 120 million, depending on the mix of storage applications and installation requirements.
“Energy storage systems are becoming vital to PV system expansion worldwide due to a number of factors, and we believe that ZBB’s leading technology will help SPI become an early-mover in capturing this huge global opportunity,” said SPI chairman Xiaofeng Peng.
(USD 1.0 = EUR 0.928)
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