ALLEN, TX--(Marketwired - Nov 4, 2013) - SunVault Energy, Inc. ("SunVault" or the "Company") (
Under the terms of the financing agreement the Company will issue 8% secured convertible notes. The note is convertible into Sunvault Energy common shares at a convertible price of $1.50 per share. West Point shall have the right to put a portion of the Securities back to the Company in exchange for SPV Shares
Recently SunVault Energy management received Board approval to enter into an Assignment and Amendatory Agreement to acquire an 80% interest in two affiliates of BCI Renewables. Both are special purpose vehicles ("SPV" or "SPV's") that own two solar parks in Greece.
"We are pleased that our financing partner recognizes the value of the Greece SPV's and we appreciate their support of our initiatives to produce on-going revenues to develop and utilize our PolyCell™ energy storage, All-in-One™ and Vertical Solar Appliance platforms," commented John Crawford, SunVault President and CEO.
About Sunvault Energy:
SunVault Energy, Inc. is committed to bringing cost effective generation and energy storage to the solar industry through a seamless, novel and simultaneous integration of energy generation and storage at the molecular level.
This technical approach is a first and has the potential to enable one of the lowest overall system cost structures while operating at maximum efficiency. SunVault's objective is to then facilitate global energy sales through a Distributed Utility business model built upon and around the company's All-in-One™, PolyCell™ and Vertical Solar Appliance technology platforms.
This release includes forward-looking statements on SunVault Energy current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," and similar expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied. The information in this release is provided only as of the date of release, and SunVault undertakes no obligation to update forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.