NetworkNewsBreaks – Correlate Energy Corp. (CIPI
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Correlate (OTCQB: CIPI), a growth-oriented distributed energy company, today announced that it has converted most of its debt into equity. This follows the June 14, 2024, finalization of agreements with debtholders to convert more than $7 million of its outstanding notes payable and approximately $1 million of long term accounts payable into equity. According to the announcement, this debt-to-equity conversion strengthens the company’s balance sheet and positions it for continued growth. “The debt-to-equity conversion is a crucial step in our strategy to enhance our financial strength and support our ambitious growth plans,” said Todd Michaels, CEO of Correlate Energy. “By reducing our debt, we are better positioned to invest in our innovative decarbonization projects and capitalize on the growing demand for industrial energy solutions.”
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