US Firm MW Solar Secures CAD 50 M Invt Commitment to Go Public

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US firm MW Solar has signed an agreement with GEM Global Yield, a Luxembourg-based private alternative investment group, to receive a share subscription facility of up to CAD 50 million for a 36-month term following a public listing.

The share subscription facility will allow MW Solar to draw down funds by issuing shares of common stock to GEM, states the company. MW Solar will control the timing and the maximum size of such drawdowns and has no minimum drawdown obligation, adds the firm.

MW Solar states that it is currently developing a large-scale multi-location EV charging network, under its ARC EV chargingTM brand, with an established fuel distribution partner having over 1,200 service station locations on the East Coast of the United States, as well as travel plazas throughout the region.

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The company pursues a “unique business model” in that it brings an “entirely green energy solution” to the EV Charging industry. “Owning an Electric Vehicle is an active statement…We can guarantee that using an ARC EV Charging station is an extension of this active statement,” it claims.

Randy Wright, co-founder, MW Solar, stated, “GEM’s commitment provides certainty of capital as we focus toward listing on a national public stock exchange.”

Global Emerging Markets is a $3.4 billion alternative investment group with operations in Paris, New York, and the Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets and claims to have completed over 500 transactions in 70 countries.

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Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile, explains the firm. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments, the company adds.

John Maggi, co-founder, GEM Global Yield, said “This agreement with GEM greatly positions us for our next stage in development as we grow and expand our entirely green-renewable energy ARC EV ChargingTM network.”