Blue Earth has signed a binding letter of agreement to acquire Xnergy, a US-based energy services company, for up to $18.51m.
The purchase price is payable in 4.5 million restricted shares of Blue Earth common stock valued at $3 per share, cash of about $2.01m and a promissory note of up to $3m.
Xnergy provides energy solutions including the design and implementation of energy savings projects, energy conservation, energy infrastructure outsourcing, power generation and energy supply and risk management.
Xnergy co-founder and president Jason Davis said working in concert with Blue Earth will enable Xnergy to leverage its experience and capabilities to expand its energy asset development and management services to address its $500m pipeline of projects for industrial, commercial and public sector clients.
Blue Earth is engaged in the clean technology industry with a primary focus on the energy efficiency sector.