“Endura’s engineering and project management experience will markedly enhance UGE in developing commercial solar projects, allowing our clients to take advantage of the many benefits of distributed renewable energy,” said Nick Blitterswyk, CEO of UGE.
UGE has focused primarily on developing renewable energy solutions for commercial clients in the United States, Panama, China, and the Philippines. The company notes that Endura, a design-build firm, has deployed and consulted on distributed solar projects across Canada, the U.S., and Panama.
Cameron Steinman, Endura president, was appointed to the board of directors of UGE and will also serve as UGE’s Chief Strategy Officer. “Together, we are a bigger and better team, committed to providing more affordable, reliable, sustainable energy to our clients across all markets,” Steinman said.
UGE and Endura entered into an acquisition agreement on November 22, 2015. In consideration for the Endura shares, UGE stated it paid $1 million (Canadian), as adjusted pursuant to the terms of agreement, and issued 8,888,888 common shares to Endura.