An unknown buyer entered into a binding agreement to acquire Bullfrog Power Inc. from Spark Power Group Inc. (TSX:SPG) for CAD 35 million on October 28, 2022. The consideration of up to CAD 35.0 million, subject to customary adjustments, includes an earnout of up to CAD 3.5 million, payable over a maximum of five years. The transaction is subject to the Purchaser securing financing for the transaction and other customary closing conditions.

In addition, the transaction closing is subject to approval of Spark Power's lender, for which they do not anticipate any delays. The transaction is anticipated to close on or about November 15, 2022. Proceeds from the transaction are expected to be used to reduce Spark Power's debt and fund working capital needs.