Nexii has officially entered a letter of intent to acquire Solar Earth in the coming months, bringing two Canadian companies together to support the transition of the built environment towards a net zero future
Nexii Building Solutions intends to acquire Solar Earth Technologies following a $45 million venture capital round earlier this month.
Nexii, which designs and manufactures low-carbon buildings, has entered a non-binding letter of intent to purchase Solar Earth. The latter company manufactures hardened solar power panels that transform sidewalks, parking lots, and other elements of everyday infrastructure into a source of solar energy.
The proposed acquisition would accelerate the integration of solar technology in Nexii’s low carbon buildings and products, according to a joint statement from the two Vancouver firms.
“With our shared vision to create a net zero future and by combining our technologies, we believe we have the opportunity to make net positive energy buildings a reality,” said Stephen Sidwell, CEO and co-founder of Nexii.
Solar Earth has several live projects globally, with installations at Thompson Rivers University in Kamloops, Stellenbosch University in South Africa, and Daxing Green Village in Beijing, China. The company has more than 50 projects in development.
“Our mission is to help create a net zero future for our cities and communities, and fight climate change by transforming everyday infrastructure into a source of solar energy to replace fossil fuels,” said Douglas Matthews, CEO and director of Solar Earth.
Nexii aims to cut construction waste to near-zero, slash build times, and lowers the carbon of buildings. Last year, the company built a sustainable Popeyes in Abbotsford in two weeks.
Nexii was founded in 2019 in Moosejaw and quickly became Canada’s fastest-to-Unicorn startup.