Remote Monitoring and Control Provider Acorn Appoints Long-time Shareholder Peter Rabover, CFA, to its Board

Rhea-AI Summary

Acorn Energy, Inc. (OTCQB: ACFN) has appointed Peter Rabover, CFA, to its board of directors, expanding the board to five members with four being independent. Rabover, Managing Director of Artko Capital, LP, has been an investor in Acorn since 2018 and holds nearly 2 million shares. With over 20 years of buy-side investment experience and a background in corporate finance, Rabover's expertise is expected to enhance Acorn's growth strategies. CEO Jan Loeb expressed optimism about Rabover's ability to contribute to building long-term shareholder value through his financial knowledge and investment perspective.

Positive

• Appointment of Peter Rabover enhances board expertise, adding a perspective from an active investor.
• Rabover's extensive experience in corporate finance and investment management is expected to support growth strategies.

Negative

• None.

WILMINGTON, Del., March 21, 2023 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control solutions for stand-by power generators, gas pipelines, air compressors, and other critical industrial equipment today announced the appointment of buy-side investor Peter Rabover, CFA, to its board of directors. Mr. Rabover is the Managing Director of Artko Capital, LP, a partnership focused on microcap investments that he founded in 2015. Artko Capital has been an investor in Acorn energy since 2018 and currently holds nearly 2 million Acorn shares.

The appointment expands Acorn’s Board to five members, adding its fourth independent board member.

Mr. Rabover brings significant financial acumen and experience advising and investing in microcap companies. He has been an active buy-side investor for over 20 years, and through his consulting company, Artko Capital LLC, he has advised on a wide range of corporate finance activities for dozens of companies. Prior to founding Artko Capital, he worked for Scharf Investments from 2012 to 2014, Hahn Capital Management from 2005 to 2011, and began his career as an auditor for U.S. Steel Corporation in 2001. Mr. Rabover earned an undergraduate degree from Duquesne University, an MBA from the University of Virginia’s Darden School of Business and holds a CFA Charter.

Jan Loeb, Acorn’s CEO and Director, commented, “We welcome Peter and the financial knowledge, experience, relationships and enthusiasm for our business that he brings to our Board. Peter has a wide range of corporate finance, audit and capital allocation experience and a unique shareholder perspective, gained over his career in investment management. We believe these skill sets, and the alignment provided by his firm’s long-term investment in Acorn, should contribute to our growth and expansion plans and prove valuable in our effort to build long-term shareholder value.”

About Acorn (www.acornenergy.com) and OmniMetrix^TM (www.omnimetrix.net)
Acorn Energy, Inc. owns a 99% equity stake in OmniMetrix, a pioneer and leader in Internet of Things (IoT) wireless remote monitoring and control solutions for stand-by power generators, gas pipelines, air compressors and other industrial equipment, serving tens of thousands of customers including 25 Fortune/Global 500 companies. OmniMetrix’s proven, cost-effective solutions make critical systems more reliable and also enable automated “demand response” electric grid support by enrolled back-up generators. OmniMetrix solutions monitor critical equipment used by cell towers, manufacturing plants, medical facilities, data centers, retail stores, public transportation systems, energy distribution and federal, state and municipal government facilities, in addition to residential back-up generators.

Follow us: Twitter: @Acorn_IR and @OmniMetrix

Investor Relations Contacts
Catalyst IR
William Jones, 267-987-2082
David Collins, 212-924-9800
acfn@catalyst-ir.com

FAQ

What impact does Peter Rabover's appointment have on Acorn Energy?

Peter Rabover's appointment is expected to enhance Acorn Energy's board with his financial expertise, aiding in growth strategies and long-term shareholder value.

When was Peter Rabover appointed to the Acorn Energy board?

Peter Rabover was appointed to the Acorn Energy board on March 21, 2023.

What is Peter Rabover's background prior to joining Acorn Energy's board?

Peter Rabover has over 20 years of experience as a buy-side investor and has worked in corporate finance roles before founding Artko Capital, LP.

How many independent members does Acorn Energy's board have after this appointment?

After Peter Rabover's appointment, Acorn Energy's board has four independent members.

What role does Artko Capital play in Acorn Energy?

Artko Capital has been an investor in Acorn Energy since 2018, holding nearly 2 million shares, indicating strong financial backing.