Fort Technology will provide up to $7 million in funding to Logia USA for U.S. expansion and data center market growth.
Fort Technology, a majority-owned subsidiary of Nexera Technologies (NASDAQ:NEXR), has signed a non-binding Letter of Intent to acquire a 50.1% stake in Logia USA. The deal includes a $2 million credit facility, with an option to extend an additional $5 million, aimed at supporting Logia’s U.S. expansion and product development in the data center backup power sector.
The agreement outlines a performance-based equity structure, allowing Logia founder Mr. Harel to potentially regain up to 85% ownership within three years, contingent on milestone achievements. The partnership targets the automated fuel integrity technology market, ensuring diesel fuel quality compliance with ASTM D975 standards.
Completion of the transaction depends on due diligence, definitive agreements, and TSX Venture Exchange approval. No final deal is guaranteed.