Correlate Energy Converts Nearly $8 Million of Debt into Preferred Equity, Strengthening Financial Position and Converting Most of Its Debt into Equity

/EIN News/ -- BOISE, Idaho, July 25, 2024 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTC: CIPI), a leading provider of comprehensive decarbonization solutions, announced that on June 14, 2024, the Company finalized agreements with its debtholders to convert over $7 million of the Company’s outstanding notes payable as well as approximately $1 million of long term accounts payable into equity. This strategic move strengthens the Company’s balance sheet and positions it for continued growth.

Under the terms of the debt conversion agreements, the debtholders converted their notes and accounts payable into shares of the Company Series A Convertible Preferred Stock and shares of the Company’s common stock. The Company believes that the debtholders’ conversion of approximately $8 million of debt into equity reflects their confidence in the Company’s long-term prospects and commitment to supporting its growth initiatives.

“This debt-to-equity conversion is a crucial step in our strategy to enhance our financial strength and support our ambitious growth plans,” said Todd Michaels, CEO of Correlate Energy. “By reducing our debt, we are better positioned to invest in our innovative decarbonization projects and capitalize on the growing demand for industrial energy solutions.”

About Correlate Energy Corp.
Correlate Energy Corp. (OTCQB: CIPI) is strategically positioned to capitalize on America’s unstoppable trend toward decentralized energy generation. The company employs a three-pronged strategy to create stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems, thereby realizing ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies to grow earnings per share for investors exponentially. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more, go to: https://www.correlate.energy/investors.

General inquiries:
Correlate Energy Corp.
www.correlate.energy

(855) 264-4060
info@correlateinc.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the Company’s