Bladeranger sells Deepsolar platform to Painreform

1 week ago 13

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Deepsolar is an advanced and innovative software platform for managing photovoltaic solar energy fields, which was acquired by Bladeranger at the start of 2023.

Bladeranger (TASE: BLRN), which develops technology for cleaning solar energy fields based on drones, reports signing a binding agreement to sell the Deepsolar platform to Painreform (Nasdaq: PRFX). Deepsolar’s activity will be sold for the allocation of shares and convertible stock warrants valued by Bladeranger at about $4 million, which the company expects to record as a capital gain in its financial statements for the first half of 2025.

As part of the agreement, Painreform will allocate to BladeRanger approximately 179,000 ordinary shares, comprising about 9.9% of its approximately 1.63 million shares constituting the issued and paid-up capital, as well as approximately 3.1 million convertible stock warrants, of various types, which together with the ordinary shares will constitute roughly 67% of the share capital of Painreform. As part of the exercise limit in the agreement between the parties, Bladeranger's total holding of securities in Painreform will not exceed 9.99% of the total issued and paid-up capital.

Deepsolar is an advanced and innovative software platform for managing photovoltaic solar energy fields, which was acquired by Bladeranger at the start of 2023. The platform is used to manage solar energy fields by performing automatic diagnostics to improve processes and optimize solar energy fields in order to make electricity production using renewable energy more efficient, accessible and profitable. The platform is tailored for both commercial and private customers through a dedicated app for managing the platform.

Painreform plans investing in the further development and commercialization of Deepsolar's activities and is also expected to employ some of Bladeranger's employees and service providers, who will continue the development activity.

Bladeranger CEO Ronen Tsioni said, "The deal, which provides significant value for Bladeranger, will help focus our activities in the field of solar energy field cleaning solutions, while concentrating our resources on the development and marketing of the core product, and maintaining our ability to enjoy the fruits of the activity being sold, without additional development expenses. We will continue to be involved in Deepsolar's software activities and maintain the ability to integrate it with our core product in the future."

Published by Globes, Israel business news - en.globes.co.il - on February 18, 2025.