Nexera Technologies (NASDAQ:NEXR) announced that its majority-owned subsidiary, Fort Technology,(TSXV:FORT) (NASDAQ:FRTT) has signed a non-binding Letter of Intent (LOI) with Logia USA regarding a proposed strategic investment and collaboration.
Under the proposed terms, Fort would initially acquire a 50.1% stake in Logia USA and provide a credit facility of up to $2 million, with the option to extend an additional $5 million at its discretion. The funding is intended to support Logia’s U.S. expansion, product development initiatives, and growth within the data center market.
The LOI also outlines a performance-based equity structure that could grant Fort shares to Logia founder Mr. Harel, along with milestone-driven ownership adjustments. Subject to the achievement of agreed milestones and completion of all required agreements, ownership could be rebalanced within three years to as much as 85% for Mr. Harel and 15% for Fort.
The proposed partnership is focused on the rapidly growing data center backup power sector, leveraging automated fuel integrity technology designed to maintain diesel fuel quality in accordance with ASTM D975 standards.
Completion of the transaction remains subject to due diligence, execution of definitive agreements, approval from the TSX Venture Exchange, and other customary closing conditions. There can be no assurance that a final transaction will be completed.