MARLBOROUGH, MA— Marlborough-based ConnectM Technology Solutions, Inc. (OTC: CNTM) has completed its acquisition of Cambridge Energy Resources Ltd. (CER), a major move that expands the company’s footprint into India’s rapidly growing energy and telecom sectors.
The announcement, made on May 15, follows the company’s recent delisting from the Nasdaq Stock Market after months of compliance challenges.
The acquisition gives ConnectM a key operating base in India, a country experiencing exponential growth in distributed renewable energy and digital infrastructure. The deal, valued at INR 120 million ($1.4 million)—with a fair market value of INR 240 million ($2.8 million)—was finalized after a multi-year regulatory approval process that began in 2021. CER specializes in rooftop solar and energy management systems for telecom infrastructure and plays a critical role in India’s 5G rollout and clean energy goals.
“This is a pivotal step in our international Home and Building Electrification (HBE) expansion,” said Bhaskar Panigrahi, Chairman and CEO of ConnectM. “By adding Cambridge Energy Resources to the ConnectM family, we secure a foothold in one of the world’s largest and highest-growth energy and telecommunications markets. We are now positioned to accelerate the deployment of our integrated electrification platform across India, furthering our mission to drive sustainable energy transformation on a global scale.”
The timing of this international expansion is significant. As reported by the Worcester Business Journal, ConnectM’s Nasdaq trading was suspended earlier this year after the company failed to meet the exchange’s $50 million market value requirement for 30 consecutive trading days. Despite an appeal to Nasdaq’s hearing panel, the company was ultimately delisted after missing its March 3 compliance deadline.
“We met with Nasdaq’s hearing panel, and thus, I was not expecting the delisting,” Panigrahi told WBJ. The stock now trades on the OTC Markets, allowing the company more flexibility as it continues to pursue growth through strategic acquisitions and international expansion.
Growth in India: From 5% to 15% of Global Revenue
The CER acquisition is expected to dramatically accelerate ConnectM’s business in India. The company reported that its Indian operations are currently growing at over 100% annually, and the acquisition could push India’s share of total global revenue from 5% to 15% within the next year, reaching an estimated $10 million in annualized revenue.
CER’s core services align with India’s ambitious targets for clean energy—aiming for 500 GW of non-fossil fuel capacity by 2030—and a nationwide 5G network rollout. These initiatives are projected to attract over $384.5 billion in power sector investments, and ConnectM, now equipped with CER’s local expertise, intends to be a key player.
“This transaction carries significant strategic value for ConnectM and its stockholders,” the company noted. “CER not only provides an operational base in India but also broadens ConnectM’s service offerings into two high-growth domains that align with India’s ambitious development goals.”
The acquisition follows ConnectM’s March 2025 launch of its first HBE project in India and reflects its broader strategy to scale globally. The company has made clear it will continue pursuing acquisitions and partnerships that reinforce its digital-first electrification platforms in other high-growth regions.
With its Nasdaq chapter closed and a new international strategy underway, ConnectM is leaning into its core mission: enabling smart, sustainable energy solutions through technology-driven infrastructure—both at home and abroad.
