Fort Lee-based power generation equipment manufacturer Pioneer Power Solutions Inc. announced completion of the sale of its wholly owned subsidiary Pioneer Critical Power Inc. (PCPI) to microgrid company CleanSpark Inc., at a value of approximately $4.4 million.

Under the terms of the all equity transaction, Pioneer received 1.75 million shares of newly issued CleanSpark common stock; a five-year warrant to purchase 500,000 shares of CleanSpark common stock at an exercise price of $1.60 per share; and a five-year warrant to purchase 500,000 share of CleanSpark common stock at an exercise price of $2.00 per share, reports NJBIZ.

PCPI's primary assets are Underwriters Laboratories safety files for low voltage switchgear and automatic transfer switches, which it acquired as part of a 2013 acquisition of Power Systems Solutions Inc.

CleanSpark will change the name of PCPI by February 21.

Source: NJBIZ