Renewable Innovations, Inc. reported that on October 15, 2024, they entered into an Asset Purchase Agreement with Renewable Energy, LLC, selling assets from their renewable innovation business. The sale excluded large supplier and client agreements, domain names, and goodwill. They also entered into a Reseller Agreement to continue selling products to existing and new customers. The consideration for the sale was $4,685,216, which included the cancellation of promissory notes, cash advances, and cash for operations and SEC filings compliance. Additionally, they received a 2% equity in the Buyer.
On September 27, 2024, a Class Action Complaint was filed against Renewable Innovations, Corp., Robert L. Mount, and Lynn Barney, which the company intends to dismiss, believing the claims are without merit.