Acorn Energy, Inc. (ACFN) Gains $61.8 Million from Sale of CoaLogix
Acorn Energy, Inc., an energy technology holding company, today announced a definitive agreement for the sale of its subsidiary CoaLogix for $101 million to funds managed by private equity firm, Energy Capital Partners ("ECP"). Acorn anticipates a $61.8 million pre-tax proceed, or approximately $3.53 per outstanding Acorn share. Acorn Energy owns about 65% of CoaLogix on a fully diluted basis with the balance held by EnerTech Capital and CoaLogix management. CoaLogix is the worldwide leader in selective catalytic reduction (SCR) management services and catalyst regeneration technologies that reduce nitrogen oxides (NOx) emissions in coal-fired electric utility power plants. With leading-edge…