Following Nasdaq delisting, ConnectM finalizes $1.4M purchase of India-based energy company
Image I Courtesy of Google Maps
ConnectM Technology Solutions is located at 2 Mount Royal Ave. in Marlborough.
Shortly after being delisted from the Nasdaq stock market, ConnectM Technology Solutions, a Marlborough-based green technology firm, has completed a $1.4 million acquisition of Cambridge Energy Resources, an India-based clean energy company.
Cambridge Energy currently produces rooftop solar installations and energy management solutions specifically for telecommunications infrastructure, supporting the sustainable rollout of India’s 5G network, according to a Thursday press release.
With the acquisition, ConnectM will utilize Cambridge Energy’s local knowledge to introduce novel home and building electrification platforms and energy intelligence networks throughout the country.
ConnectM’s acquisition comes after it entered the purchase process in 2021, with ConnectM reportedly outbidding four other contenders to acquire Cambridge Energy. At the time, Cambridge Energy had a fair value assessment at $240 million Indian rupees, totalling $2.8 million U.S. dollars, making ConnectM’s purchase price half of the company’s assessment.
“This is a pivotal step in our international Home and Building Electrification (HBE) expansion,” Bhaskar Panigrahi, ConnectM chairman and CEO, said in the release. “By adding Cambridge Energy Resources to the ConnectM family, we secure a foothold in one of the world’s largest and highest-growth energy and telecommunications markets. We are now positioned to accelerate the deployment of our integrated electrification platform across India, furthering our mission to drive sustainable energy transformation on a global scale.”
Over the next 12 months, ConnectM expects its latest purchase to increase its revenue from India from the current 5% to 15% of the company’s global revenue, totalling $10 million annualized.
In February, ConnectM acquired another India-based company MHz Invensys, a wireless communication product developer, in a deal expected to generate an additional $15 million in revenue.
The finalization of ConnectM’s acquisition occurred just two days after the company was delisted from Nasdaq for failing to meet the market’s requirement for listed securities to meet a $50-million market value for 30 consecutive business days.
In announcing his company’s delisting, Panigrahi said he was surprised by Nasdaq’s decision, as the decision came two weeks after ConnectM met with Nasdaq's hearings panel two weeks prior to discuss regaining compliance.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
WBJ Web Partners
Most Recent
Most Recent
0 Comments