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W2 Energy Signs LOI to Acquire an Interest in ASE

Source: www.gulfoilandgas.com 3/12/2012, Location: North America

W2 Energy, Inc. is pleased to announce that it is has signed a Letter of Intent to acquire a 51% majority interest in Arctic Solar Engineering, LLC (ASE) from U.S.-based EGPI Firecreek, Inc.

Arctic Solar Engineering, LLC integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is effectively being used throughout Germany and other parts of Europe, Asia and the Middle East. ASE's competitive advantage is product knowledge and knowledge of how water based energy systems work. ASE and its Solar Thermal Energy Systems can be successfully implemented to reduce an average building's energy consumption by up to 70%. ASE's Solar Thermal Energy System was recently installed in the Chesterfield, MO, City Hall. The system consisted of 110 solar thermal arrays and an 8000 gallon thermal mass energy storage tank, which has a name plate capacity of 82 kilowatts and an estimated annual production of 110 megawatt hours. Energy savings to the City are expected to pay back 100% of the City's investment within 7 years, which will eventually equate to zero costs to the city for energy produced by the system.

Fred Sussman, Arctic Solar Engineering CEO, stated, "From the inception of our company, we had the foresight to see that our technology would help establish a significant importance in the way local, state and federal governments looked at cost effective renewable energy sources and energy conservation." He also stated, "We are excited at the prospects of having W2 Energy's expertise and commitment in expanding our presence in the water-based energy sector of the market."

Mike McLaren, W2 Energy President and CEO, stated, "We believe that Arctic Solar and its Solar Thermal Energy Systems will be an excellent addition to our service and product lines. By taking a majority interest in ASE, this strategic acquisition will enable us to expand our business base, while increasing our presence in the alternative energy market." He also stated, "We are confident that acquisitions like ASE will be an integral part in our Company's ability to show exponential growth. We look forward to working together with ASE and its management in order to effectively offer solutions to current demands by federal, state and local municipalities, as well as various commercial industries."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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