EPX Limited (ASX: EPXDA), a Sydney-based company formerly known as EP&T Global, has made a bid to acquire Wattwatchers after the climate-tech company entered administration in October.
The suitor's core business is already focused on improving the cost and energy efficiency of buildings, while Wattwatchers' proprietary enterprise-grade monitoring hardware and software deliver real-time energy data and monitoring solutions to commercial and household markets.
Wattwatchers, also headquartered in Sydney, was backed by the likes of Kilara Capital and Clean Energy Finance Corporation (CEFC), securing a $5.8 million Series B in 2021 to further its global footprint with its smart energy devices installed in 20 countries at the time .
But in late October this year Wattwatchers appointed Lindsay Bainbridge and Timothy Bradd from Pitcher Partners as voluntary administrators.
Business News Australia has sought clarification around the circumstances from the administrators, but is yet to receive a response at the time of publication.
EPX has revealed today that the voluntary administrators have recommended its deed of company arrangement (DOCA) proposal to creditors, who will vote on the matter at a meeting due on 15 December.
The ASX-listed company did not provide further details about the contents of the DOCA.
"The EPX DOCA proposal contains a cash and ordinary shares consideration, with customary conditions recedent for an offer of this nature and involves the acquisition of Wattwatchers by EPX," the company stated in an announcement to the ASX.
"The EPX DOCA proposal specifies the extent to which assets, staff, IP, technology and sales contracts will be retained within Wattwatchers if creditors approve the DOCA proposal.
"This transaction is not certain and is subject to the consideration of Wattwatchers’ creditors. Once the outcome of the upcoming creditors meeting is known, EPX will update shareholders."
EPX shareholders responded positively to the news with its shares up 4.76 per cent at $0.22 at the time of publication.
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