BOISE, Idaho, June 21, 2023 -- Correlate Infrastructure Partners Inc. (the “Company” or “Correlate”) (OTCQB: CIPI) a growth-oriented distributed energy company announced today that it has raised over $2.5 million in new funding from investors in fiscal year 2023 from a private placement of a secured convertible note offering. The notes have a fixed conversion price of $3.20 per share, a maturity date of 18 months, bear an interest rate of 14% per annum paid quarterly, and include a detachable warrant to acquire shares of the Company at an $.85 fixed exercise price. Correlate intends to use the net proceeds to ramp up its project fulfillment capabilities and for working capital purposes. The Company’s management team participated for about half of the capital raise signaling support for its future prospects. The success to date highlights the confidence investors have in Correlate's vision and its ability to drive sustainable growth in the clean energy sector in management’s view.
"The additional financing raised to date is a significant milestone for Correlate as we continue to execute on our business," said Channing Chen, CFO at Correlate. “As we transition projects from the origination and development phases to installation and completion, this financing is critical for us to bring in top-notch leadership and resources to drive efficient execution.”
Additionally, Correlate is proud to introduce the hiring of two seasoned professionals to its senior management team enhancing the company's leadership capabilities and expertise.
Roger Baum, an accomplished construction industry veteran, has joined Correlate as the Executive Vice President of Operations, leading the construction division. With over 20 years of experience at Core Construction, Roger brings a wealth of knowledge and a strong track record in delivering successful commercial construction projects. Reflecting on his new role at Correlate, Roger Baum shared his excitement, saying, "I am thrilled to join the Correlate team and be part of an organization that is at the forefront of decentralized energy solutions. I look forward to contributing to the company's growth and leveraging my national construction expertise to drive the successful execution of projects coast to coast."
Additionally, Jed Freedlander has been appointed as the Chief Development Officer at Correlate. With a background in infrastructure development, investment, and a strong legal, commercial, and finance acumen, Jed brings a wealth of experience to the team. He has a proven track record in leading complex public-private partnership (P3) and energy transactions. Jed's focus on creating long-term value for communities and stockholders, along with his expertise in risk management and collaboration, will be instrumental in driving Correlate's strategic development initiatives.
"We are delighted to welcome Jed Freedlander to Correlate as our Chief Development Officer," said Todd Michaels, CEO of Correlate. "His extensive background in infrastructure development and his commitment to delivering sustainable solutions align perfectly with our mission. With Jed's expertise, we are confident in our ability to execute strategic projects that bring long-term value to our partners and stockholders."
These updates underscore Correlate Infrastructure Partners' dedication to attracting top talent and strengthening its capabilities to deliver innovative, technology-driven energy solutions.
Correlate Infrastructure Partners Inc. (OTCQB: CIPI) is a publicly-traded company strategically positioned to capitalize on America’s unstoppable trend towards decentralized energy generation. The company employs a three-pronged strategy aimed at creating stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems and thereby realize ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies in order to exponentially grow earnings per share for investors. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more go to: correlate.energy/investors
Correlate Infrastructure Partners Inc.
This news release may include forward-looking statements regarding Correlate Infrastructure Partners Inc., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Infrastructure Partners Inc. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Infrastructure Partners, Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.