Home » Nexii looks to acquire manufacturer of ‘power-generating sidewalks’

Nexii looks to acquire manufacturer of ‘power-generating sidewalks’

by Sion Geschwindt
Nexii looks to acquire manufacturer of 'power-generating sidewalks'

Modular construction startup Nexii, Canada’s fastest company ever to reach ‘unicorn’ status, has entered a non-binding letter of intent (LOI) to purchase Solar Earth.

Also based in Vancouver, Solar Earth manufactures hardened solar panels that transform sidewalks, parking lots, and other infrastructure into sources of energy.

Nexii hopes that the proposed acquisition, if completed, would support its target of net zero operational carbon buildings by 2025.

Stephen Sidwell, CEO and co-founder of Nexii, said: “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.

“We look forward to working with Solar Earth to rapidly scale, and meet the market demand for smart pavement technology.”

Solar Earth has more than a dozen live installations globally and 50 more projects in the pipeline.

Douglas Matthews, CEO and director of Solar Earth, commented: “Delivering renewable energy infrastructure solutions to a global market is what we strive for, and we could not think of a better partner than Nexii.

“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.”

This week Nexii raised $35m in a funding round, bringing its current valuation to over $1.5bn.

Image credit: agilard/Shutterstock

Read next: UK pledges funding for space-based solar power projects

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