Danbel Holdings Ltd. and M.N. Wasserman Ltd. entered into an agreement to acquire 41.15% stake in DSIT Solutions, Ltd. from Acorn Energy, Inc. for $6.3 million.
January 18, 2018
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Danbel Holdings Ltd. and M.N. Wasserman Ltd. entered into an agreement to acquire 41.15% stake in DSIT Solutions, Ltd. from Acorn Energy, Inc. (OTCPK:ACFN) for $6.3 million on January 18, 2018. Under the terms, the consideration includes sale of 41.15% interest in DSIT Solutions Ltd. for $5.8 million and $0.5 million in the event that DSIT is successful in securing a multi-million dollar contract related to DSIT’s new state-of-the-art fiber-optic monitoring technologies. DSIT Solutions generated revenues of $17.9 million in the twelve-month period ended September 30, 2017. The transaction is subject to the satisfaction of specific closing conditions, including approval of the Israeli Antitrust Authority and is expected to close within 30 days. Proceeds from the sale will be used to eliminate Acorn’s debt, satisfy liabilities and provide working capital.
Acorn Energy, Inc. is a holding company. The Company is focused on providing technology solutions for energy infrastructure asset management. The Company provides products and Internet of Things (IoT) applications and services through its OmniMetrix, LLC (OmniMetrix) subsidiary: Power Generation (PG) and Cathodic Protection (CP). The Power Generation segment services provide wireless remote monitoring and control systems and IoT applications for residential and commercial/industrial power generation equipment. The PG segment includes its AIRGuard product, which remotely monitors and controls industrial air compressors, and its Smart Annunciator product. The Cathodic Protection segment provides remote monitoring and control products for cathodic protection systems on oil and gas pipelines serving the gas utilities market and pipeline operators. The Companyâs Cathodic Protection product lineup includes solutions to remotely monitor and control rectifiers, test stations and bonds.
Danbel Holdings Ltd. and M.N. Wasserman Ltd. entered into an agreement to acquire 41.15% stake in DSIT Solutions, Ltd. from Acorn Energy, Inc. for $6.3 million.
ACORN ENERGY, INC. 
