Renovare Environmental, Inc. agreed to acquire BioRenewable Technologies, Inc. for $17 million.
March 02, 2022
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Renovare Environmental, Inc. (NasdaqCM:RENO) agreed to acquire BioRenewable Technologies, Inc. for $17 million on February 28, 2022. The purchase price of $17 million comprised of cash in the amount of $5 million and shares of Renovare Environmentals common stock. In a related transaction, Renovare Environmental, Inc. agreed to acquire Harp Electrical Engineering Limited from Share Finnegan for $3 million. Upon closing, Harp will nominate two representatives to the Renovare Board of Directors. The transaction provides that 1,491,228 shares of common stock in Renovare will be held in escrow. The transaction is subject to satisfaction of closing conditions, including obtaining the approval of Renovare's shareholders, obtaining financing in an amount not less than $5 million, consummation of the acquisition of Harp Electrical Engineering Limited and other customary closing conditions. The transaction was unanimously approved by the Boards of Directors of Renovare and BioRenewable. The transactions is expected to close in the first half of 2022. As of April 15, 2022, the transaction is anticipated to be completed during the second quarter of 2022. Peter Campitiello of McCarter & English, L.L.P. acted as legal advisor to Renovare.
Renovare Environmental, Inc. is a technology services company. The Company is focused on reducing the environmental impact of the waste management industry through the development and deployment of technology solutions. The Company's suite of technologies includes on-site biological processing equipment for food waste, patented processing facilities for the conversion of municipal solid waste into a renewable fuel, and real-time data analytics tools to reduce food waste generation. It markets an aerobic digestion technology solution for the disposal of food waste. The Company offers a line of Revolution Series Digesters, which are self-contained, robotic digestive systems that use a biological process to convert food waste into a liquid that is discharged down an ordinary drain. The Company has also developed an Internet of Things (IoT) technology platform to provide its customers with transparency into their internal and supply chain waste generation and operational practices.