Calgary, Alberta--(Newsfile Corp. - February 28, 2025) - Nu E Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (the "Company") is pleased to announce that the Company and Blu Dot Systems Inc. ("Blu Dot") have agreed to amend the Letter of Intent ("LOI") to make it binding subject to completion of the definitive agreement while the term has been extended until March 31, 2025. Furthermore, Blu Dot announces that Mr. Todd Michael will be joining Blu Dot as President to spearhead it's U.S. expansion.
Blu Dot is an OEM product manufacturer in the electrical switchgear Industry which has an annual global market of US$ 92.3 billion, growing at 6.7% per year and expected to reach US$155.3 billion by 2031 (1), largely due to expansion in Data Centers, Renewable Energy infrastructure and Electrification Growth.
The ownership has successfully designed, certified and tested several products that are used in industry as well as in the technical construction business and have several large-scale utility solar farm construction projects completed to date.
Blu Dot is also pleased to report that Mr. Todd Michaels will be joining Blu Dot as President. Todd Brings A vast amount of experience and success as it pertains to the U.S electrification markets where Blu Dot will be highly focused on the switch gear and technical construction market in the U.S.
Todd Michaels
Todd Michaels is a 25+ year energy industry executive with deep expertise in product innovation, supply chain optimization, and business development for startups and Fortune 500 divisions. He has a proven track record of leading large-scale, complex initiatives-notably in the distributed energy and industrial hardware sectors-that drive revenue growth and operational excellence.
Most recently, Mr. Michaels served as Founder and CEO of Correlate, a distributed energy services company focused on multi-site industrial applications across North America. Before Correlate, he led SunEdison's Global Product Innovation team and headed NRG's distributed generation practice in the Americas. Earlier, Mr. Michaels was on the founding team of SPP, the second-largest distributed solar owner-operator in the U.S., deploying over $500M in project capital before a successful exit to NRG.
Throughout his career, Mr. Michaels has specialized in developing and financing large-scale power systems, innovating cutting-edge product lines, and implementing process software solutions that have streamlined procurement and manufacturing processes. His leadership has resulted in multiple industry awards for project fund innovation, automation technology, and national supply chain optimization.
Before focusing on the energy sector, Mr. Michaels held application engineering and corporate development roles at AT&T Labs and Verizon (BBN), where he honed his expertise in emerging technologies and complex systems integration. He earned a B.S. in Computer Information Systems from Indiana University, graduating Magna Cum Laude.
In addition to his executive responsibilities, Mr. Michaels has actively mentored leading energy-technology accelerators-including Plug and Play, Energy Innovation Network, Calseed Fund, and Launch Alaska-helping early-stage companies refine business models, scale operations, and solve critical infrastructure challenges.
Pursuant to the terms of the LOI, it is contemplated that the Company would acquire all of the outstanding share capital of Blu Dot in consideration for the issuance of 8,500,000 common shares ("Share") at a deemed price of $0.54 per Share to the existing shareholders of Blu Dot.
Readers are cautioned that while the Proposed Transaction is binding it remains subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The Proposed Transaction cannot be completed until these conditions are satisfied, and there can be no assurance that the Proposed Transaction will be completed at all. The Proposed Transaction is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.
Devon Sandford, the Chief Executive Officer of the Company, is a director and shareholder of Blu Dot. As a result, the Proposed Transaction may be considered a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company will provide further information regarding the Proposed Transaction, and any related party aspects, as its due diligence process is completed.
Source: (1) The Insight Partners, October 17, 2024.
About Nu E Power Corp.
Nu E Power Corp. is a green energy company focused on the developing, construction, and operating clean and renewable energy infrastructure across North America. The Company has a partnership with Low Carbon Canada Solar Limited, a subsidiary of the UK based renewables major, Low Carbon Investment Management Ltd. To facilitate non-dilutive investment into the Company with the goal of developing up to 2GW of renewable energy projects in Canada by 2030.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains statements which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward-looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the size and growth rate of the electrical switch gear market, the ability to reach final terms with Blu Dot in respect of the Proposed Transaction, the ability to develop 2GW of renewable energy projects in Canada by 2030, general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Listing Statement of Nu E posted on SEDAR+. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
