Revolve Strengthens Executive Management Team

Rhea-AI Summary

Revolve Renewable Power (TSXV:REVV)(OTCQB:REVVF) announces key executive management changes effective November 6, 2024. Current CEO Steve Dalton transitions to Executive Chairman, while Roger Norwich steps down as Chairman but remains a non-executive Director. Myke Clark joins as new CEO and Director, bringing over 20 years of renewable energy and corporate finance experience. Omar Bojorquez, current President, becomes Chief Operating Officer to manage operational structures. Jonathan Clare retires as non-executive director. The company granted Clark 500,000 stock options at $0.50 exercise price, vesting after one year.

Positive

• Appointment of experienced renewable energy executive Myke Clark as CEO
• Strategic reorganization to support growth and expansion
• Strengthened Canadian market presence through Vancouver-based CEO

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 6, 2024 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), a North American owner, operator and developer of renewable energy projects, announces enhancements to its senior management team and board of directors, which will help position the Company for its next phase of growth and continue to build our senior management presence in the Canadian market.

"Revolve is strengthening our executive management team and board of directors as part of our strategic growth plan," said CEO Steve Dalton. "Revolve has made significant progress developing utility-scale wind, solar, hydro and battery storage projects in the US, Canada and Mexico and these appointments will facilitate even greater progress and growth. Enhancing our leadership team will allow us to capitalize on the growing opportunities we see in the utility and distributed generation renewable energy sector."

• Executive Chairman: Steve Dalton, the current CEO of Revolve, will transition to the role of Executive Chairman and continue to remain activity involved in the day-to-day management of the business. This change in role will facilitate Mr. Dalton focusing on the Company's key strategic objectives and initiatives, particularly as the Company rapidly progresses towards having its first utility scale projects at "ready to build" stage in the United States next year. Roger Norwich, the current Chairman of the Company, will step down from this position but will remain an active non-executive Director of the Company. Roger has led the Company as Chairman since it was founded in 2012, providing strong support and guidance to the management team. We look forward to his continued contribution as a non-executive director of the Company.

• Chief Executive Officer (or "CEO"): The Company is also pleased to announce the appointment of Mr. Myke Clark as CEO and director of the Company. Myke is a corporate leader with more than 20 years of experience focused primarily on renewable energy, corporate finance and project development. Prior to joining Revolve, Myke was the CEO and Director of a TSX Venture Exchange-listed solar energy company focused on the commercial and industrial solar sector in the United States and Canada, delivering strong growth and profitability. He also brings significant utility scale wind energy development experience to Revolve, having held senior leadership positions with a Canadian wind energy developer where he was responsible for environmental assessment, First Nations engagement and investor relations and helped deliver hundreds of megawatts of wind projects from inception to construction. Myke also has several years' experience as a public affairs professional for several public mining companies and also spent the first decade of his career as a journalist. Myke holds an MBA from Simon Fraser University in British Columbia and will be based in the Company's head office in Vancouver.
  
  "I am honored to be joining the Revolve team and I look forward to bringing my passion for renewable energy to the Company," said Myke Clark. "Revolve is perfectly positioned to take advantage of the global shift to renewable energy and I believe my project development, distributed generation and capital markets experience will help accelerate that growth. The prospects for renewable energy in general - and Revolve in particular - are extremely positive and I am thrilled to be joining this team as we execute on our focused strategy and deliver strong shareholder returns."
  

• Chief Operating Officer (COO): Omar Bojorquez, the current President of Revolve, is appointed as Chief Operating Officer (or "COO") assuming specific responsibility for managing and building the Company's internal operational structures and capabilities required to support its strategic objectives. This role will becoming increasingly important as the Company continues to grow its operating portfolio of renewable energy projects, which brings with it higher levels of operating activity including new customers and team members.
  
  Omar Bojorquez, COO, commented: "Our expansion across Canada, the US and Mexico, along with new renewable energy projects and energy efficiency solutions, paves the way for significant growth. As COO, I am committed to ensuring operational excellence, that our projects are executed flawlessly and that our team has the resources to excel. This strategic focus will enable us to create value and strengthen our position as leaders in renewable energy. I am confident that our combination of a strong development portfolio, operational assets, and talented team will lead us toward a prosperous future. I look forward to sharing this journey with our stakeholders, demonstrating our commitment to our business strategy and sustainable growth."
  

• Non-Executive Director: Mr. Jonathan Clare is retiring as a non-executive director of the Company. Steve Dalton, CEO commented: "Jonathan has been a key member of the board of the Company for over 10 years. His insights and experience, particularly in the Mexican market, proved to be hugely beneficial to the Company over the years. I would like to thank him on behalf of the Board for his support and contribution to Revolve."

In connection with Mr. Clark's appointment and pursuant to Revolve's stock option plan, the Company issued Mr. Clark 500,000 stock options to acquire common shares of the Company at an exercise price of $0.50 (an approximate 65% premium to current share price levels) with a term of three years. These stock options will fully vest after one year following his appointment. The stock options are governed by the Company's stock option plan. Mr. Clark's appointment as CEO of the Company is subject to acceptance and approval by the TSX Venture Exchange.

All of the executive management and Board of Director changes are effective November 6, 2024.

About Revolve

Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the US, Canada and Mexico. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW "behind the meter" distributed generation (or "DG") assets. Revolve's portfolio includes the following:

• Operating Assets: 11MW (net) of operating assets under long term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;

• Under Construction: a 3MW CHP project and a 450kWp rooftop solar project that are both under construction and expected to be operational later this year; and

• Development: a diverse portfolio of utility scale development projects across the US, Canada and Mexico with a combined capacity of over 3,000MWs as well as a 140MW+ distributed generation portfolio that is under development.

Revolve has an accomplished management team with a demonstrated track record of taking projects from "greenfield" through to "ready to build" status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 1,550MW of projects.

Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

For further information contact:

Tania Ontiveros, CFO
+1 778 372 8499
IR@revolve-renewablepower.com

Forward Looking Information

Although Revolve believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Revolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of Revolve and Revolve's management's expectation on the growth and performance of its business in the United States, Canada and Mexico, including the planned MW capacity of its projects; its continued expansion into the distributed generation market; potential opportunities in the distributed generation market; the completion and timing of the development of its planned portfolio of distributed generation projects; potential revenues and cashflows generated from its Utility Scale and DG division; and the Company's plans to develop, construct and finance rooftop solar, battery storage and energy efficiency projects of up to 5MW and enter into long term power purchase agreements for the sale of electricity from the projects with the underlying customers. Such statements and information reflect the current view of Revolve.

The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects and Revolve's ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. Such statements and information reflect the current view of Revolve. By their nature, forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this press release represents the expectations of Revolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Revolve Renewable Power Corp.

View the original press release on accesswire.com

FAQ

Who is the new CEO of Revolve Renewable Power (REVVF)?

Myke Clark has been appointed as the new CEO of Revolve Renewable Power, bringing over 20 years of experience in renewable energy, corporate finance, and project development.

What executive changes were announced by Revolve Renewable Power (REVVF) on November 6, 2024?

Steve Dalton transitioned from CEO to Executive Chairman, Myke Clark was appointed as CEO, Omar Bojorquez became COO, and Roger Norwich stepped down as Chairman but remained as non-executive Director.

What stock options were granted to new CEO Myke Clark by Revolve (REVVF)?

Myke Clark was granted 500,000 stock options at an exercise price of $0.50 (65% premium to current share price) with a three-year term, vesting after one year.