Clear Creek Investments, LLC (CCI), a dedicated innovation and sustainability investor, has entered into a definitive agreement to purchase TPI Composites’ automotive business. CCI focuses on deploying capital in companies that drive climate solutions and climate resiliency throughout the energy, water, and food value chains.
The divestiture transaction will involve TPI selling its automotive subsidiary to CCI for an undisclosed sum. The transaction is scheduled to close on June 30, 2024.
Bill Siwek, President and CEO of TPI Composites, expressed satisfaction with the agreement with CCI. By divesting the automotive business, TPI expects monthly cash flow to improve by approximately $1.7 million by the end of 2024. This underscores TPI’s focus on executing its core business, achieving profitability, enhancing cash flow, and driving long-term shareholder value.
TPI acknowledges the progress made by its automotive team in growing the business and developing innovative solutions for the transportation market. They believe that CCI’s new capital and focus will enable Senvias™ Inc., which was formerly known as TPI’s automotive subsidiary before being renamed after the acquisition by CCI
