Blockmate Ventures to Acquire Lithium Battery Distributor, BESS

TORONTO, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Blockmate Ventures Inc (TSX.V: MATE) (FSE: 8MH1) ("Blockmate" or “the Company"), is pleased to announce that it has entered into a binding Share Purchase Agreement dated October 25, 2023, pursuant to which the Company proposes to acquire all of the issued and outstanding share capital of BESS Power Innovation Corporation ("BESS"), a company focused on the sales, distribution, and manufacturing of residential and industrial lithium iron phosphate and lithium ion sodium batteries and auxiliary products (“the Transaction").

BESS owns the exclusive distribution rights to Blivex Energy Technology Co’s (“Blivex”) lithium battery products for North and South America and intends to address demand for residential and industrial battery products where expected delivery times for certain products exceeds 12 months. BESS anticipates that equivalent Blivex battery products can be delivered within 1-3 months from the time of order.

Blivex has been developing, manufacturing, and selling industrial lithium batteries, electric vehicle batteries and related products since 2005, and is publicly listed on the Shenzhen Stock Market.

In consideration for the Transaction, Blockmate will issue 20,000,000 common shares (the “Consideration Shares”) to the existing shareholders of BESS (collectively, the “Vendors”). The Consideration Shares are subject to restrictions on resale for 4 months and 1 day after completion of the Transaction. Pending approval from the TSX Venture Exchange, completion of the Transaction is expected to take place on or before November 31, 2023.

The grid-scale battery energy storage solutions market is expected to grow at over 24% pa from US$3b in 2020 to $15bn in 2027 ^[1].

Commenting on the Transaction, Blockmate CEO Justin Rosenberg said, “Blockmate has been actively seeking venture opportunities in the clean energy space and is delighted to consummate our interest through this Share Purchase Agreement with the vendors of BESS. Commercial Issues around material sourcing and production delays have created a substantial opportunity for lithium battery producers in North America.

“Through this acquisition and the partnership BESS has with Blivex, there is an excellent opportunity to disrupt the industrial battery market in North America and South America.” The team at BESS has an extensive track record in the energy transition industry in renewables, storage, and EV Charging. “It is our mandate to help governments and corporations embrace technologies that help them reduce their carbon footprint.”