Sunvault Energy, Inc. (OTCBB:SVLT) reached agreement to acquire Photovoltaika Chersou Ltd. from BCI Renewables for €4.3 million on April 24, 2014. The purchase price, to be paid in shares, is €4.3 million less assumed project financing debt and subject to other adjustments. 30% of the purchase price will be paid by June 15, 2014, 20% of the purchase price will be paid by July 31, 2014, 20% of the purchase price will be paid by December 30, 2014 and the final 30% of the purchase price will be paid by June 30, 2015. Sunvault Energy previously signed an agreement for an 80% interest in Photovoltaika Chersou Ltd. and Ellinika Latomeia Photovoltaika AE, but through a diligence process has determined to move to a 100% interest in Photovoltaika Chersou rather than an 80% interest in Photovoltaika Chersou Ltd. and Ellinika Latomeia Photovoltaika AE. Photovoltaika Chersou has combined annual gross revenues exceeding €0.8 million. The transaction is subject to a successful filing of an S1 with the regulators so the necessary shares to be issued to BCI Renewables are registered and fulfillment of the acquisition date requirements within the agreement can be achieved.

Sunvault Energy, Inc. (OTCBB:SVLT) cancelled the acquisition of Photovoltaika Chersou Ltd. from BCI Renewables on April 24, 2015.