SunScout Holding Limited (SNSC) News & EventsSNSCSunScout Holding Limited

SunScout Waives Lock-Up Restriction on 920,000 Shares

SunScout announced that Revere Securities, as assignee of the rights of Dominari Securities, representative of the underwriters in the company's initial public offering of 3.1M Class A ordinary shares is waiving the lock-up restriction with respect to 920,000 Class A ordinary shares of the company held by JKM Equity Limited, an entity wholly owned by an officer of the company. The waiver was granted pursuant to the underwriting agreement entered into in connection with the offering. The waiver will take effect on October 27. Any sale of the shares remains subject to applicable securities laws, including Rule 144 under the Securities Act of 1933, as amended.

SunScout Acquires 25 MW Akelco Solar Project

SunScout announced that it has entered into a definitive share purchase and project development agreement with the shareholders of Anaya 1 Power Corporation and Alta Renewables to acquire the 25.0 megawatt-peak Akelco solar-plus-storage project on Panay Island. SunScout expects the project to add approximately $25M to company revenue during the construction phase. Once operating under its 20-year, fixed-price power supply agreement, SunScout expects the plant to generate average annual revenue of approximately $3.6M and average annual free cash flow of approximately $1.2M. The agreement is the first definitive project agreement executed under the memorandum of understanding SunScout and Alta Renewables announced on August 14 under which SunScout intends to build, own, and operate a portfolio of four shovel-ready solar-plus-storage projects totaling 87.5 MWp across the Philippines. Definitive agreements for the remaining three projects in Luzon and Visayas are expected to follow on a similar structure. Under the build-own-operate structure, SunScout will fund and act as engineering, procurement and construction contractor of record to build the plant, then serve as its operation and maintenance provider of record once it is running - retaining ownership of the Akelco plant, subject to Alta Renewables' buy-in option described below, for the 20-year term of the PSA.

SunScout Begins Shipping Eco Robotic Mowers to International Markets

SunScout announced that it is commencing commercial shipments of the SunScout Eco robotic mower into its international markets. The first shipments are being directed to Europe and New Zealand, where the company has experienced strong interest from distributors, specialist dealers and prospective customers seeking a fully autonomous robotic mower that operates independently from the electricity grid. Each shipping container accommodates approximately 350 SunScout Eco units. SunScout's initial distribution program currently contemplates the shipment of one container per month to Europe and one container per month to New Zealand, representing approximately 700 units per month across the two markets.