Solar Integrated Roofing Corp., the provider of solar power, roofing and EV charging systems for commercial and residential properties throughout North America, announced on May 25 it had executed a binding Letter of Commitment with Tribeca Energy.
In a news release, SIRC said the LOC sets out irrevocable terms and conditions under which the company commits to selling “certain shares in return for investment” by Tribeca Energy. The share exchange agreement will give Tribeca Energy 100% ownership of SIRC shares and a majority of its board seats.
Tribeca Energy is a holding company represented by Global Fund LLC & Neo Energy Storage Ltd.
Letter of Commitment Terms
The terms of the commitment letter include Tribeca Energy listing a merger agreement on either the New York Stock Exchange or Nasdaq by October 30, 2023, pending completion of any relevant or necessary documents and no later than 12 months from the issuance of the LOC.
Additionally, SIRC may not engage with any third party in a way that may change its capital structure until October 30, 2023, without prior written consent from Tribeca Energy.
“Our objective is to be the premier all-inclusive alternative energy solution in the market,” Brad Rinehart, SIRC’s CEO said in a statement. “The agreement will enable us to achieve our goals; we anticipate that it will yield results to SIRC’s bottom line, benefiting all our shareholders and constituents.”
Joe HQ Luong, a Tribeca Energy and NEO Energy Storage Ltd principal, added: “Neo Energy Storage Ltd and Global Fund LLC have joined forces to form Tribeca Energy. Tribeca Energy is a vertically integrated holding company that is merging a group of outstanding companies in the renewable and long-duration energy storage sector to go public in Q4 2023.”
Luong said Tribeca Energy’s long-term plan is to “…decarbonize the world’s electricity grid systems by 2050 and transform the economy by building a sustainable future through energy security.”
Stephen Drew, a partner at Tribeca Energy and managing partner at Global Fund LLC, described Global Fund as a private equity firm focused on investing in high-growth companies across industries and geographies, pre-IPO. The firm specializes in acquiring small to medium-sized companies that can add value to its portfolio.
“We are excited to work with [the] incredible and dedicated team at Solar Integrated Roofing Corp. and merge them with our group of solar and long-duration energy storage companies,” Drew said.
For more information on Solar Integrated Roofing Corp., visit solarintegratedroofing.com.