MW Solar secures USD-39m investment commitment with listing in mind
BMW i3 charging. Author: Kārlis Dambrāns.
January 4 (Renewables Now) - MW Solar LLC, the developer of an entirely green power-based electric vehicle (EV) charging network, has secured a CAD-50-million (USD 39.2m/EUR 34.7m) investment commitment from alternative investment group GEM Global Yield LLC SCS.
The company unveiled in a statement last week that it envisages going public via a reverse takeover (RTO), a merger or a traditional initial public offering (IPO). The newly-signed agreement will provide it with a share subscription facility of the aforementioned amount, enabling the firm to draw down funds by issuing shares of common stock to GEM. It has a term of 36 months following a public listing.
“GEM’s commitment provides certainty of capital as we focus toward listing on a national public stock exchange,” said Randy Wright, co-founder of MW Solar.
MW Solar has developed its network under the ARC EV Charging brand, with an established fuel distribution partner that has more than 1,200 service station locations on the East Coast of the US.