NU E Power finalises acquisition of 500 MW in assets and appoints new CEO
NU E Power Corp. completed the purchase of 500 MW in energy assets from ACT Mid Market Ltd. and appointed Broderick Gunning as Chief Executive Officer, marking a new strategic phase for the company.
| Sectors | Solar Energy, Photovoltaic |
|---|---|
| Themes | Investments & Transactions, Corporate Investment |
Canadian company NU E Power Corp. announced the closing of its acquisition of 500 megawatts of development-stage assets from ACT Mid Market Ltd., as part of its strategy to expand as a next-generation hybrid power developer. The transaction is accompanied by a leadership transition, with Broderick Gunning appointed as Chief Executive Officer and member of the Board of Directors.
A structure combining equity issuance and cash payment
The acquisition involved issuing 11,000,000 common shares to ACT Mid Market Ltd. at a deemed price of CAD$0.15 per share, subject to a 36-month voluntary escrow. Additionally, 10,000,000 share purchase warrants, exercisable at CAD$0.25, will vest in three equal tranches between March 2026 and November 2027. A cash component of CAD$300,000 is also included, conditional upon a successful capital raise of at least CAD$1.5mn by February 28, 2026. If such financing is not completed, the payment will be made in shares based on the 20-day volume-weighted average price.
Board strengthened to support Asian expansion
As part of the agreement, ACT Mid Market Ltd. retains the right to nominate one board member and has put forward Broderick Gunning for appointment at the next shareholders’ meeting. NU E’s board also welcomes Bold Batsukh as Director for Asia, with a focus on emerging markets. His experience includes large-scale energy and industrial infrastructure projects across Mongolia and Southeast Asia, particularly in photovoltaic development and mining.
The company also announced the resignation of Samuel Kyler Hardy from the board of directors. No information was provided regarding the reasons for his departure.
Significant ownership change for Broderick Gunning
Following the transaction, Broderick Gunning, through ACT, now owns 11,000,000 common shares of NU E Power Corp., representing approximately 14.00% of the company’s issued capital on a non-diluted basis. Including the warrants, his potential ownership could reach 23.72%, subject to full exercise of his rights. However, voting restrictions apply to escrowed shares, and warrant exercise is limited to prevent exceeding 19.9% ownership.
These changes are reported in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
