Safe & Green signs LOI to acquire Rock Springs Energy Group for $35M

Safe & Green Holdings entered into a non-binding Letter of Intent to acquire Rock Springs Energy Group, located in Rock Springs, Wyoming. The transaction aligns with Safe & Green’s strategic initiative to build a fully integrated oil and gas company that includes exploration, production, refining, and related energy services, alongside its existing focus on sustainable infrastructure development. Under the terms of the LOI, Safe & Green intends to purchase the refinery and its associated assets, permits, intellectual property, and related documentation. The proposed transaction is subject to a customary due diligence period of 60 days, finalization of a definitive purchase agreement, regulatory approvals, and other closing conditions. The Company estimates the purchase price for the refinery to be approximately $35 million, with the final amount subject to confirmation through the due diligence process. The transaction is expected to be financed through a combination of debt and equity. As part of the LOI, the Seller has agreed to a 60-day exclusivity period during which it will not solicit or negotiate with other parties. Both parties have also agreed to maintain confidentiality regarding the terms of the LOI and all due diligence communications. The LOI is non-binding and subject to the execution of a definitive purchase agreement, anticipated to follow the due diligence phase. The expected transaction timeline includes: LOI Execution: July 28, 2025; Due Diligence Completion: 60 days post-execution; Definitive Agreement: within 30 days of due diligence completion; Closing: within 30 days after execution of the definitive agreement. The proposed acquisition would mark a significant step in Safe & Green’s broader growth strategy, pending successful due diligence and regulatory review.