EnSync Terminates Supply Agreement with SPI Solar

SPI Solar

Pursuant to the Supply Agreement EnSync agreed to sell and SPI agreed to purchase energy management system solutions for solar projects and related services

EnSync Energy Systems has reported that due to the failure of SPI Solar Inc. to meet its purchase obligations under its supply agreement with the Company, the Company has terminated the Supply Agreement.

EnSync is one of the leading developers of innovative distributed energy resource (DER) systems and internet of energy (IOE) control platforms for the utility, commercial, industrial and multi-tenant building markets.

Pursuant to the Supply Agreement EnSync agreed to sell and SPI agreed to purchase energy management system solutions for solar projects and related services having an aggregated total of at least 5 megawatts of energy storage rated power output within the first year of the Supply Agreement, 15 megawatts within the first two years, 25 megawatts within the first three years, and 40 megawatts within the first four years of the Supply Agreement.  SPI never made any purchases under the Supply Agreement. Following the termination of the Supply Agreement, it will no longer be possible for SPI to satisfy the conditions that would have enabled it to convert its shares of the Company’s Series C Convertible Preferred Stock into common stock.  Similarly, it will no longer be possible for the warrant to purchase shares of common stock acquired by SPI to become exercisable.

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