Monday, March 12, 2012

W2 Energy signs LoI to acquire majority interest of Arctic Solar Engineering

GUELPH, CANADA: W2 Energy Inc. announced that it is has signed a Letter of Intent to acquire a 51 percent majority interest in Arctic Solar Engineering, LLC from US-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 percent.

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 percent of the City's investment within seven years, which will eventually equate to zero costs to the city for energy produced by the system.

Fred Sussman, Arctic Solar Engineering CEO, said: "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, said, "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. 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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