UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported) September 4,
2009
ACORN
ENERGY, INC.
(Exact
name of Registrant as Specified in its Charter)
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Delaware
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0-19771
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22-2786081
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(State
or Other Jurisdiction
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(Commission
file Number)
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(IRS
Employer
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of
Incorporation)
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Identification
No.)
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4 West Rockland Road, Montchanin,
Delaware
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19710
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code (302)
656-1707
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-2 under the Exchange Act (17 CFR
240.14a-2)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
1 – Registrant’s Business Operations
Item
1.01 Entry Into a Material Definitive Agreement
On September 4, 2009, SCR-Tech, LLC
(“SCR-Tech”), a subsidiary of CoaLogix Inc., which is a subsidiary of Acorn
Energy, Inc., entered into a Lease Agreement (the “Lease”) as tenant with Fat
Boy Trading Company (the “Landlord”) to lease approximately 7.27 acres of land
located at 11707 Steele Creek Road, Charlotte, North Carolina together with a
building located thereon containing approximately 143,500 square feet of office
and warehouse space.
The
initial term of the Lease is for seven years, and SCR-Tech may elect to extend
the Lease for up to two extension terms of five years each. SCR-Tech is
initially leasing 98,460 square feet through August 31, 2010, and will lease the
balance of the 45,040 square feet on September 1, 2010, unless SCR-Tech elects
to lease the balance of such square feet earlier, which SCR-Tech has a right to
do.
SCR-Tech
will have free rent for the first nine months of lease of the 98,460 square feet
of space, and will have free rent for the first six months of the lease of the
45,040 square feet of space. When rent payments commence, SCR-Tech will be
obligated to pay rental on the basis of $2.70 per square foot annually of leased
space with such rental rate increasing at 3% per year. SCR-Tech will have an
initial monthly lease payment obligation of $19,938.15 due on June 1, 2010, and
once the periods of free rent have passed, SCR-Tech’s monthly rent obligation
will increase to $33,256.13 commencing March 1, 2011; however, SCR-Tech’s lease
payment obligation will increase sooner if it elects to lease the 45,040 square
feet prior to September 1, 2010. The rental rate for the extension terms shall
be the prevailing base rental rate per square foot of rentable area available in
the Charlotte, North Carolina market for comparable properties with a cap of
110% of the rental rate at the expiration of the preceding expiring
term.
The Lease
is a triple net lease with SCR-Tech being responsible for payment of insurance,
real property and other applicable taxes, utilities and maintenance together
with repair and replacement of certain parts of the leased premises. SCR-Tech
has agreed to indemnify the Landlord for any loss sustained by the Landlord on
account of SCR-Tech’s negligence or misconduct involving the leased
premises.
Section
9 – Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
Exhibits.
99.1 Press
release of CoaLogix Inc. dated September 8, 2009.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized on this 9th day of September, 2009.
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ACORN
ENERGY, INC.
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By:
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/s/ Joe B. Cogdell, Jr.
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Name:
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Joe
B. Cogdell, Jr.
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Title:
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Vice
President, General Counsel and
Secretary
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EXHIBIT
INDEX
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Exhibit
No.
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Description
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99.1
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Press
release of CoaLogix Inc. dated September 8,
2009
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