SOURCE: Blue Earth, Inc.

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October 30, 2014 09:15 ET

Blue Earth Closes on Purchase of Equity Position in PowerGenix With $10 Million Dollar Investment

HENDERSON, NV--(Marketwired - October 30, 2014) - Blue Earth, Inc. (NASDAQ: BBLU), a renewable/alternative energy and energy efficiency services company, announced today that it has closed on its agreement to acquire an equity stake in PowerGenix for $10 million payable through a combination of cash ($2 million) and Blue Earth restricted common shares (3,729,604) valued at $2.145 per share. The restricted shares are subject to a lock up/leak out agreement. Reciprocal equity ownership is designed to fund PowerGenix and maximize the working relationship between the two companies.

Blue Earth has been granted exclusive marketing rights to use the proprietary PowerGenix Nickel-Zinc ("NiZn") batteries to produce intelligent digital NiZn energy storage systems using Blue Earth's proprietary intellectual property for a number of potentially multi-billion dollar market verticals including: Stationary UPS Systems in the Data Center, Military, Telecom, Utility, Renewable Energy, Motor Start-Up, Frequency Regulation, Peak Shaving/Shifting and Demand Shifting market segments. The marketing rights are global for most market verticals.

Mr. Robert Kanode, CEO of PowerGenix, stated, "Advanced technology devices often do not take full advantage of the energy delivery capabilities of today's advanced storage batteries. As a result, advanced technologies often do not fully realize their full performance potential. This is the fundamental strength of our Blue Earth/PowerGenix relationship. Carefully crafting Blue Earth's advanced technology capabilities to PowerGenix's unique nickel zinc battery capabilities is a rare opportunity to fully optimize the performance, cost and safety of PowerGenix nickel zinc battery systems. This relationship is a ground breaking alliance within an energy storage revolution." 

Dr. Johnny R. Thomas, CEO of Blue Earth, stated, "We are delighted to expand our partnership with PowerGenix through these equity and marketing agreements. Partnering with PowerGenix represents an important strategic development for Blue Earth and we look forward to developing, implementing and marketing the proprietary NiZn batteries for the benefit of our customers and shareholders in several large market verticals."

Litigation and Disclosure Statement:

False allegations have been made against the Company by an anonymous blogger that stated he has a short position in the Company's common stock, which has resulted in a class action lawsuit. The Company is in the process of hiring professionals to assist in communications and defense against the false allegations. Management has been advised by counsel to continue to announce significant developments and milestones as they occur. However, management has also been cautioned to avoid forecasts and detailed forward-looking statements for all of our solar, energy efficiency, technology and CHP business units. Our general policy will be to release information as appropriate when significant events occur that define the event in the context of our business model. Management continues to have confidence in our business model and in our ability to create shareholder value over time.

About PowerGenix

PowerGenix is the leading developer of high-performance, low-cost Nickel-Zinc batteries for automotive, industrial and stationary storage applications. PowerGenix Nickel-Zinc batteries are a superior alternative to lead-acid and other advanced chemistries, offering lower weight, higher energy density and improved cyclibility, which leads to lower costs over their entire service life.

PowerGenix, headquartered in San Diego, California also has a technology development and product engineering facility in Shenzhen, China that oversees its supply chain and raw material quality control, and provides direct support to its Asian customers. PowerGenix NiZn batteries have been certified by China National Labs and PowerGenix is working with several major automotive OEMs and Tier1 suppliers worldwide on the Stop-Start and Micro-Hybrid markets, including Peugeot and Hella.

PowerGenix's patented NiZn battery technology is inherently a high power, high rate capable chemistry that is also ideally suited for grid applications such as frequency and voltage modulation, peak shaving, and Transportation & Distribution (T&D) deferral. The batteries use an inflammable aqueous electrolyte, making them extremely safe and abuse tolerant across a wide temperature range.

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About BBLU
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services intended to optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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