Correlate Energy Converts Nearly $8 Million of Debt into Preferred Equity, Strengthening Financial Position and Converting Most of Its Debt into Equity
Summary
BOISE, Idaho, July 25, 2024 (GLOBE NEWSWIRE) -- ( ), a leading provider of comprehensive decarbonization solutions, announced that on June 14, 2024, the Company finalized agreements with its debtholders to convert over $7 million of the Companys outstanding notes payable as well as approximately $1 million of long term accounts payable into equity. The Company believes that the debtholders conversion of approximately $8 million of debt into equity reflects their confidence in the Companys long-term prospects and commitment to supporting its growth initiatives.This debt-to-equity conversion is a crucial step in our strategy to enhance our financial strength and support our ambitious growth plans, said Todd Michaels, CEO of Correlate Energy. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Correlates 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.This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.