Bankrupt Solar Firm Lumio Set to Sell for $4 Million Plus Shares

Solar installer Lumio Holdings Inc. won US bankruptcy court approval on Friday to sell its business to Zeo Energy Corp., saving the company from liquidation demanded by some creditors.

Zeo Energy, a Florida-based solar provider, agreed to pay $4 million in cash and 6.2 million shares of its common stock to acquire the company, according to an agreement disclosed to the court.

Judge J Kate Stickles granted the sale after multiple hearings Thursday and Friday. The transaction faced objections from Lumio’s partners, including Sunnova Energy International Inc., which provided financing of the solar system purchases. The disputes have ...