GigInternational1, Inc. and Convalt Energy, Inc. have entered into a term sheet to combine their operations, positioning Convalt as a publicly traded player in the renewable energy sector.

Information on the Target

Convalt Energy, Inc. is a vertically integrated renewable energy company that specializes in the manufacturing of solar panels, power generation at its owned facilities, and providing engineering and construction services, including solar panel recycling. In 2021, Convalt acquired manufacturing assets from SunPower Corporation, relocating its automated assembly lines from Hillsboro, Oregon to a new production facility in Watertown, New York. This facility is projected to be operational by the third quarter of 2023, with a production capacity of up to 900 MW of solar panels.

The company is strongly supported by the local community and receives backing from governmental entities, including Jefferson County and the State of New York. Additionally, the Inflation Reduction Act has further bolstered their position, facilitating investments in renewable power projects across upstate New York and Maine. By the end of 2023, Convalt anticipates that these investments will yield clean energy for the regional electric grid and surrounding communities.

Industry Overview in the Target’s Specific Country

The renewable energy sector in the United States has been witnessing significant growth, driven by an increasing commitment to sustainability and reduction of carbon emissions. Market trends indicate a robust expansion in solar power generation, aided by