Business
Energy Focus Announces Strategic Partnership and Investment from Sander Electronics
Newly forged partnership allows EFOI to expand product portfolio to include a wide range of energy solution products. --News Direct--Energy Focus, Inc.
About this update from Energy Focus, Inc.
[{"type":"text","content":"Newly forged partnership allows EFOI to expand product portfolio to include a wide range of energy solution products.\n--News Direct--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems for the commercial, military, maritime and consumer markets, today announced that it entered into definitive securities purchase agreements with certain purchasers associated with Sander Electronics for the issuance and sale of 5,446,252 shares of the Company’s common stock, in a private placement priced at-the-market under the rules of The Nasdaq Stock Market (“Nasdaq”). The closing of the private placement is expected to occur on or about January 20, 2023, subject to the satisfaction of customary closing conditions.Sander Electronics is a Taiwanese-based company and leader in energy management solutions. Sander has been a designer and manufacturer of LED semiconductor components and modules for signage, lighting, and other applications. Customers include major LED, lighting, and energy storage-related companies. Sander is now bringing to market advanced energy management solutions from semiconductor components to complete energy storage solutions. The partnership with Sander Electronics is expected to improve the Energy Focus supply chain for lighting components and controls solutions to become more competitive and reliable in the marketplace. Further, Sander Electronics plans to supply additional energy solution products that will enable Energy Focus to leverage existing relationships to extend beyond the lighting market and expand its product portfolio to include exciting energy management solutions.With this partnership, Sander Electronics will make a long-term capital investment in the equity of Energy Focus. With this investment, Jay Huang, President of Sander Electronics, will join the board of Energy Focus. In addition, Wen-Jeng Chang, who brings strong financial expertise and M&A experience from his 30 years of service with Yuanta Financial Holdings, will also join the board.“We have been working closely with Jay Huang and the team at Sander Electronics on a strategic plan to streamline costs and expand the business,” said Lesley Matt, CEO of Energy Focus. “We believe their experience, manufacturing facilities, and relationships in the LED space will bring tremendous leverage for Ene...