Renovare Acquires Harp Renewables For $20M

Renovare Environmental Inc RENO has agreed to purchase Harp Renewables and its affiliate, Harp Electric Engineering, for $20 million, comprised of $15 million in stock and $5 million in cash.
Harp, based in Ireland, provides thermophilic aerobic digestion and waste treatment solutions.
Harp manufactures and sells bio-digesters that convert food and other organic waste into a nutrient-rich, dry, safe soil product used as a fertilizer, soil amendment or soil additive.
Harp will nominate two representatives to the Renovare Board of Directors.
Renovare expects the transaction to expand manufacturing capabilities, extend its geographic reach, and strengthen its management team.
Renovare (formerly BioHiTech Global) held cash and restricted cash of $6.99 million as of September 30, 2021.
Thie company expects to close the deal in the first half of 2022.
Price Action: RENO shares are trading lower by 15.5% at $0.38 on the last check Thursday.