Tuesday, 28 March 2017
Last updated 26 min ago
Feb 10 2009 | 9:23pm ET
Texas-based Monogram Energy has signed a letter of intent to acquire U.S. Green Energy (USGE) of Irvine, California.
The deal will allow Monogram to enter into the manufacturing, marketing and sales of solar-based residential and commercial products and systems, along with additional alternative energy-based projects. Monogram will begin work and development on solar projects through USGE’s Southern California facilities immediately.
"This LOI transaction will overnight initiate the transition of Monogram Energy, Inc. into the alternative energy space, and into the multi-billion dollar U.S. market for solar products and services,” said Billy King, chairman and CEO of Monogram Energy.
USGE is a pre-public holding company focused on acquiring high-growth firms, assets and properties in the green and renewable energy industry. The company designs, integrates, constructs and maintains power systems using a variety of technologies and energy sources.
Jim Faroouque, chairman and CEO of USGE, said: “The opportunity that Monogram Energy, Inc. brings to the table with its public infrastructure in place only enhances the big picture in terms of our larger-scale growing capacity of alternative energy projects, specifically on the solar side to start. Being part of a publicly traded company with access to investment capital allows us to aggressively move into the sales and marketing side of our solar based products and services."
The transaction is subject to due diligence and board approval and has a 90-day closing period. Monogram Energy will acquire 100% of USGE’s issued and outstanding stock.