On March 17, 2025, Blue Energy, a renewable energy supplier in Mexico, signed a definitive agreement to merge with Agrinam Acquisition through a share exchange. The merged entity will be listed on the Toronto Stock Exchange (TSX) as “Blue Energy Corp.,” subject to regulatory approval. The merger, expected to close in the second quarter of 2025, will serve as Agrinam’s qualifying acquisition under Part X of the TSX Company Manual.

Blue Energy shareholders will retain control of both companies, with common shares exchanged for “New Blue Energy common shares.” In connection with the merger, Agrinam and Blue Energy plan a PIPE financing to raise up to $50 million from strategic and financial investors.

Agrinam CEO Agustin Tristan Aldave emphasized the unique investment opportunity to meet AI-driven power needs, while Blue Energy CEO Franco de la Concha Hamdan highlighted the company’s profitable track record and future growth potential in the $30 billion Mexican energy market.

Legal and tax advisors for Blue Energy are Stikeman Elliott, Cuatrecasas SC, and Jove, Galante, Reyes SC. Agrinam’s advisors are Borden Ladner Gervais, Assembla Law, and Garrigues MX SLP.