- Renovare Environmental Inc (NASDAQ:RENO) has agreed to purchase Harp Renewables and its affiliate, Harp Electric Engineering, for $20 million, comprised of $15 million in stock and $5 million in cash.
- Harp, based in Ireland, provides thermophilic aerobic digestion and waste treatment solutions.
- Harp manufactures and sells bio-digesters that convert food and other organic waste into a nutrient-rich, dry, safe soil product used as a fertilizer, soil amendment or soil additive.
- Harp will nominate two representatives to the Renovare Board of Directors.
- Renovare expects the transaction to expand manufacturing capabilities, extend its geographic reach, and strengthen its management team.
- Renovare (formerly BioHiTech Global) held cash and restricted cash of $6.99 million as of September 30, 2021.
- Thie company expects to close the deal in the first half of 2022.
- Price Action: RENO shares are trading lower by 15.5% at $0.38 on the last check Thursday.
