PainReform Executes Strategic Acquisition of DeepSolar to Expand into AI-Driven Solar Solutions
Deal News | Feb 18, 2025 | Globenewswire
In a strategic diversification move, PainReform Ltd., a pharmaceutical company based in Tel Aviv, Israel, has signed a definitive agreement to acquire DeepSolar, an AI-driven solar analytics firm owned by BladeRanger Ltd. The acquisition is anticipated to close by the end of February 2025. This transaction allows PainReform to tap into the rapidly expanding solar energy market while continuing their focus on pharmaceutical innovation. DeepSolar's platform optimizes solar energy efficiency and reduces operational costs for both commercial and residential solar systems, aligning with PainReform's growth aspirations. The acquisition involves PainReform issuing new shares and warrants to BladeRanger as part of the consideration. This venture marks PainReform's entry into the solar energy market, presenting a unique value proposition by integrating AI technology with renewable energy.
Sectors
- Pharmaceuticals
- Renewable Energy
- Technology
Geography
- Israel – Both PainReform and BladeRanger, the parent company of DeepSolar, are based in Israel, making it a key geography for this transaction.
Industry
- Pharmaceuticals – PainReform Ltd. is primarily a specialty pharmaceutical company engaged in the reformulation of established therapeutics, which is a key focus area.
- Renewable Energy – DeepSolar operates within the renewable energy sector, specifically focusing on solar energy optimization through AI-driven analytics.
- Technology – DeepSolar's core business revolves around AI and technological solutions for enhancing solar asset efficiency, showcasing its role in the technology sector.
Financials
- 178,769 ordinary shares of PainReform stock – Part of the payment consideration to BladeRanger in the acquisition of DeepSolar.
- 223,792 pre-funded warrants – Part of the payment consideration allowing for future purchase of shares.
- 685,004 pre-funded milestone warrants – Part of payment consideration allowing for future milestone-related share purchases.
- 1,087,565 warrants-A and warrants-B – Additional payment consideration for future share purchases.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PainReform Ltd. | Acquiring Company | Company | A clinical-stage specialty pharmaceutical company focused on reformulating established therapeutics. |
| DeepSolar | Target Company | Company | An AI-powered solar analytics platform optimizing solar energy production and reducing operational costs. |
| BladeRanger Ltd. | Vendor/Seller | Company | A public company listed on Tel Aviv Stock Exchange, currently owning DeepSolar. |
| Ehud Geller | Chairman of PainReform | Person | Chairman who commented on the strategic significance of the acquisition. |