Bladeranger, a company specializing in drone-based solar panel cleaning technology, has announced a significant strategic move: the sale of its Deepsolar software to Painreform. This transaction marks a shift in Bladeranger's focus, allowing the company to concentrate on its core expertise.
Deepsolar, acquired by Bladeranger in early 2023, is a sophisticated software solution designed to optimize the management of photovoltaic solar energy fields, which was acquired by Bladeranger at the start of 2023.
The platform utilizes automated diagnostics to enhance efficiency and profitability in renewable energy production, catering to both commercial and private clients.
The sale to Painreform involves an exchange of shares and convertible stock warrants, with Bladeranger valuing the deal at approximately $4 million.
According to reports, Bladeranger will receive Painreform shares, representing roughly 9.9% of Painreform's existing shares, along with convertible stock warrants.
While the warrants, combined with the shares, could represent a larger percentage of Painreform, a contractual limit caps Bladeranger's total holdings at 9.9%. Bladeranger anticipates recording a capital gain from this transaction in the first half of 2025.
Further development and commercialization to come
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."