Complete Solar Raises $10 Million from Chinese Energy Company
Complete Solar (Nasdaq: CSLR), a solar technology and installation company, has secured a $10 million investment from StarCharge, a leading Asian digital energy company. This investment is part of a previously announced convertible debenture. StarCharge's CEO, Herman Chang, expressed enthusiasm for future collaborations with T.J. Rodgers-led companies. Edward Zeng, founder of the NextG Fund, which co-invested in Complete Solaria via the Freedom SPAC, praised the company's successful restructuring. T.J. Rodgers, Complete Solar's CEO, stated that this funding would provide the necessary resources for the company to achieve profitability.
- Secured $10 million investment from StarCharge
- Investment expected to provide funding needed to achieve profitability
- Positive sentiment from co-investors regarding company's restructuring
- Company still not profitable, requiring additional funding to reach profitability
The $10 million investment from StarCharge is a notable cash infusion for Complete Solar. This signifies confidence from a major player in the digital energy sector, potentially strengthening Complete Solar's balance sheet. Investors should view this investment as a means to bolster liquidity and support growth initiatives. In addition, the endorsement from a prominent Asian energy company could help expand Complete Solar's market reach and foster international collaborations.
However, it's important to acknowledge that the investment is in the form of a convertible debenture. This type of debt instrument can be converted into equity, potentially diluting current shareholders' stakes. The potential conversion may pressure Complete Solar to enhance its financial performance to justify any dilution.
In the short term, this investment should alleviate immediate financial pressures and support profitability goals as indicated by CEO T.J. Rodgers. Long term, the strategic partnership with StarCharge could open new market opportunities and technological advancements.
StarCharge’s investment is significant as it aligns with the broader trend of increasing investment in renewable energy and technology. This indicates a strong market sentiment towards the solar sector's growth potential. The reference to Virtual Power Plants (VPPs) and microgrids by StarCharge suggests potential advancements Complete Solar could adopt, diversifying their service offerings and enhancing their competitiveness in the renewable energy market.
It’s also worth noting the mention of NextG Fund and its role in the investment. This not only brings additional capital but also strategic oversight and experience in scaling companies through the SPAC (Special Purpose Acquisition Company) framework. The connection to leading investment groups could drive more strategic moves, positioning Complete Solar advantageously in the industry.
For investors, this partnership underscores a strengthening market position and potential innovation in Complete Solar's product and service lines, signaling a positive outlook if the company successfully leverages these new resources.
LEHI, Utah, July 17, 2024 (GLOBE NEWSWIRE) -- Complete Solar, Inc. (“Complete Solar” or the “Company.” Nasdaq: CSLR), a solar technology, services, and installation company, today announced that StarCharge – a leading unicorn in Asia’s digital energy sector that provides one-stop solutions for charging stations, microgrids, Virtual Power Plants (VPPs), and power trading – has made a
Herman Chang, CEO of StarCharge Energy PTE LTD said, “We are delighted to participate in this investment together with the NextG investment group and look forward to collaborating with companies led by T.J. Rodgers in the future.”
Edward Zeng, founder of the NextG Fund, remarked, “As co-investors in Complete Solaria via the Freedom SPAC, we are thrilled with the Company’s successful restructuring.”
T.J. Rodgers, Complete Solar’s CEO, said, “We thank our friends StarCharge and the NextG Fund for their support in completing our convertible debenture, which will provide us with all the funding we need to achieve profitability.”
About Complete Solar
Complete Solar is a solar company with unique technology and end-to-end customer offering, which includes financing, project fulfilment and customer service. Complete Solar’s digital platform together with premium solar products enable one-stop service for clean energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit www.completesolaria.com and follow us on LinkedIn.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release the price of Complete Solar’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Complete Solar’s business, and changes in the combined capital structure; the ability to implement business plans, forecasts, and the evolution of the markets in which Complete Solar will compete.
Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Complete Solar assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
For investor inquiries, please contact:
Complete Solar, Inc.
Genevieve Swords
InvestorRelations@completesolar.com
Source: Complete Solar, Inc.
FAQ
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