Nexii has officially entered a letter of intent to acquire Solar Earth in the coming months, bringing two Canadian companies together to support the transition of the built environment towards a net zero future
July 21st, 2022– (Vancouver/ Unceded Territories of the Musqueam, Squamish, and Tsleil-Waututh Nations) – Nexii Building Solutions Inc. (Nexii) is pleased to announce that it has entered a non-binding letter of intent (LOI) to purchase Solar Earth Technologies Ltd. (Solar Earth), a manufacturer of hardened solar power panels that transform sidewalks, parking lots and other elements of everyday infrastructure into a new source of solar energy.
Nexii believes that the proposed acquisition of Solar Earth by Nexii (the “Proposed Acquisition”), if completed, would accelerate the integration of solar technology in Nexii’s low carbon buildings and products, supporting Nexii’s 2025 target of net zero operational carbon buildings. The Proposed Acquisition is also expected to support both companies in delivering their patented solutions to help their clients address the global climate crisis.
Solar Earth has more than a dozen live projects globally, with installations at Thompson Rivers University in Kamloops, Stellenbosch University in South Africa, Daxing Green Village in Beijing, China, and the City of Tampa in Florida generating clean electricity from Solar Earth’s power-generating sidewalks. The company has more than 50 projects in development and is seeing increased market demand to transform existing infrastructure into a clean-energy source.
“With our shared vision to create a net zero future and by combining our technologies, we believe we have the opportunity to make net positive energy buildings a reality. We look forward to working with Solar Earth to rapidly scale, and meet the market demand for smart pavement technology,” said Stephen Sidwell, CEO and co-founder of Nexii.
“Delivering renewable energy infrastructure solutions to a global market is what we strive for, and we could not think of a better partner than Nexii. Our mission is to help create a net zero future for our cities and communities, and fight climate change by transforming everyday infrastructure into a source of solar energy to replace fossil fuels,” said Douglas Matthews, CEO and director of Solar Earth.
Nexii’s building approach cuts waste to near-zero, reduces build times, and significantly lowers both the embodied and operational carbon of buildings. Nexii buildings have approximately 31 per cent less embodied carbon than conventional construction materials,¹ and use approximately a third less energy overall, significantly lowering energy needs and emissions for ongoing building operations.²
Nexii Building Solutions Inc. (Nexii) designs and manufactures low carbon buildings and products to reduce the climate impact of our built environment. With buildings and construction responsible for 36% of global energy consumption and 37% of greenhouse gas emissions annually, sustainable and scalable solutions are urgently needed for net zero carbon buildings. With Nexii’s breakthrough material Nexiite, Nexii enables the rapid assembly of high-quality buildings and infrastructure with reduced end-to-end carbon emissions, near zero waste and less disruption to the community. Sustainability is core to Nexii’s mission to build a vibrant future for people and the planet.
For more information, visit www.nexii.com, or connect with us on Instagram (@NexiiBuilds), Twitter (@NexiiBuilds) or on LinkedIn (Nexii Building Solutions).
About Solar Earth
We are a new form of solar power that transforms everyday infrastructure into a source of revenue-generating solar energy for a net zero world. Human beings have spent a long time paving over the Earth. Solar Earth now transforms those surfaces into the toughest, most versatile sources of solar energy yet made, withstanding pedestrians, bicycles, vehicle traffic, theft, vandalism and extreme weather.
Solar Earth embeds solar cells — those oh-so-delicate eggshells so easy to break — into a rock-hard, resilient surface. It allows us to “solarize” sidewalks, roads, parking lots, rooftops, docks and more by putting solar cells inside that infrastructure. Our break-through technology captures the power of the sun to “solarize” infrastructure and generate secure, free, clean energy to fight climate change and get the planet to a net zero world. We are Vancouver-based with international offices/ For more information, visit www.SolarEarth.ca.
The Proposed Transaction is subject to a number of conditions, including: (i) execution of definitive agreements; (ii) Nexii shall have obtained equity financing on terms satisfactory to it; (iii) final approval of the boards of directors of each of Nexii and Solar Earth; (iv) receipt of shareholder approval and/or the execution of the definitive agreements from the Solar Earth shareholders; (v) the completion of satisfactory due diligence by Nexii and Solar Earth; and (vi) no material adverse changes having occurred in respect of Nexii or Solar Earth.
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“Forward-Looking Statements“), including with respect to: the Proposed Transaction, including its completion and the satisfaction of the conditions thereto; the anticipated benefits of the Proposed Transaction; the efficiencies to be created between Nexii and Solar Earth; the ability of Solar Earth’s technology to support Nexii’s building targets; Nexii’s ability to achieve its 2025 target of net zero operational carbon buildings; the opportunity to create net positive energy buildings; the ability of Nexii’s whole building solution to reduce the environmental impact of the construction industry; and the benefits of Solar Earth’s solar cells and the ability of Solar Earth to embed such solar cells into existing infrastructure. Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Such factors include, among other things: risks that the Proposed Transaction does not occur and risks that the anticipated benefits of the Proposed Transaction are not realized. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. Nexii disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.
1. Determined through third-party Life Cycle Assessment (LCA), versus conventional construction baseline such as steel stud and high performance tilt-up concrete and averaged across projects modeled to date.
2. Operational energy and carbon savings compare Nexii design to an equivalent standard build meeting energy code compliant requirements. Projected savings vary depending on building typology, panel design, process energy loads and location.