- Visionstate (VIS) has signed a letter of intent to acquire Exceed Solar, a renewable energy company
- Exceed Solar’s corporate objective is to design building envelopes using sustainable materials, technology, and renewable energy in one scalable package
- The acquisition will allow Visionstate and Exceed Solar to combine the companies’ technologies to advance sustainability efforts.
- Visionstate invests in the research and development of promising new technology
- Visionstate (VIS) is up 5.00 per cent and is trading at $0.105 per share
Visionstate (VIS) has signed a letter of intent to acquire Exceed Solar, a renewable energy company.
The Alberta-based company is focused on smart, high-tech building envelopes for residential applications such as studios, greenhouses and garden suites that come packaged with plug-and-play solar energy.
The acquisition is part of Visionstate’s initiative to advance renewable energy solutions and sustainability.
Visionstate currently owns 40 per cent of Exceed Solar and will acquire the outstanding shares of the company for a total consideration of $300,000.
That total will consist of $100,000 cash and $200,000 in Visionstate shares at $0.10 per share.
The acquisition is subject to the approval of the TSXV.
Visionstate CEO John Putters commented,
“Since the COVID-19 outbreak, more and more homeowners are turning toward backyard gardening to supplement their food supplies.”
He added,
“Renewable energy applications will continue to grow in demand as we move toward using green energy to power our economies. We are very excited about the future of Exceed Solar.”
Exceed Solar’s corporate objective is to design building envelopes using sustainable materials, technology, and renewable energy in one scalable package.
Visionstate will be working with the Exceed Solar team and the University of Alberta to identify areas where IoT technology can be used to measure energy use and environmental conditions related to the growing cycle.
Visionstate invests in the research and development of promising new technology in the realm of the Internet of Everything, big data and analytics, and sustainability.
Visionstate (VIS) is up 5.00 per cent and is trading at $0.105 per share as of 9:30 am ET.