VANCOUVER—Canada Coal Inc., a developer of coal resource plays in the arctic, has been targeted for a reverse takeover by solar photovolatic module manufacturer.
Nevada-based Suntricity Corp., has filed a letter of intent to combine businesses with Canada Coal. Upon completion of the transaction, the combined business will continue to carry on the business of Suntricity.
Suntricity makes low cost, high-efficiency photovoltaics modules which convert sunlight directly to electricity. The company is looking to commercialize the next generation of solar modules to enable massive scalability and bring solar generated energy to grid parity—the price point at which solar energy competes directly with electricity generated from fossil fuels.
Suntricity has a contractual relationship with Kodak’s functional printing organization for printing on prototype and production coating machines in Rochester, New York. Suntricity also has a Cooperative Research and Development agreement with the National Renewable Energy Laboratory in Golden, Colorado.
Upon completion of the deal, which is still subject to numerous conditions, Canada Coal will consolidate its outstanding common shares on a 1 for 20 basis, it change its name to Suntricity Holdings Inc. and it’s current directors and officers will be replaced by those selected by Suntricity.
Barring complications the deal is expected to close by February 27, 2015.