Correlate Infrastructure Partners Inc. Achieves Key Growth Milestones

Successful Fundraising & High-Profile Additions to Senior Management

BOISE, Idaho, June 21, 2023 (GLOBE NEWSWIRE) -- Correlate Infrastructure Partners Inc. (the “Company” or “Correlate”) (OTCQB: CIPI) a growth-oriented distributed energy company announced today that it has raised over $2.5 million in new funding from investors in fiscal year 2023 from a private placement of a secured convertible note offering. The notes have a fixed conversion price of $3.20 per share, a maturity date of 18 months, bear an interest rate of 14% per annum paid quarterly, and include a detachable warrant to acquire shares of the Company at an $.85 fixed exercise price. Correlate intends to use the net proceeds to ramp up its project fulfillment capabilities and for working capital purposes. The Company’s management team participated for about half of the capital raise signaling support for its future prospects. The success to date highlights the confidence investors have in Correlate's vision and its ability to drive sustainable growth in the clean energy sector in management’s view.

"The additional financing raised to date is a significant milestone for Correlate as we continue to execute on our business," said Channing Chen, CFO at Correlate. “As we transition projects from the origination and development phases to installation and completion, this financing is critical for us to bring in top-notch leadership and resources to drive efficient execution.”

Additionally, Correlate is proud to introduce the hiring of two seasoned professionals to its senior management team enhancing the company's leadership capabilities and expertise.

Roger Baum, an accomplished construction industry veteran, has joined Correlate as the Executive Vice President of Operations, leading the construction division. With over 20 years of experience at Core Construction, Roger brings a wealth of knowledge and a strong track record in delivering successful commercial construction projects. Reflecting on his new role at Correlate, Roger Baum shared his excitement, saying, "I am thrilled to join the Correlate team and be part of an organization that is at the forefront of decentralized energy solutions. I look forward to contributing to the company's growth and leveraging my national construction expertise to drive the successful execution of projects coast to coast."