PENNINGTON, N.J., 11 July 2006. WorldWater & Power Corporation, developer and marketer of proprietary high-power solar solutions, has entered into a Letter of Intent (LOI) with Entech Inc. of Keller, Texas, to acquire the company upon completion of the necessary due diligence and after obtaining appropriate financing.
Entech, a private company formed in 1983, is a developer and manufacturer of advanced concentrating solar photovoltaic and thermal technologies for terrestrial and space power applications.
Entech has developed concentrator solar power systems, supplied solar power for space missions for NASA, and installed ground-based concentrating solar systems in North America.
With the combined technologies of WorldWater & Power and Entech, solar systems will be capable of generating and delivering electrical and thermal energy on site.
Entech's patented concentrator technology allows for the installation of massive solar "farms" with greatly reduced requirements for solar cell materials (silicon or multi-junction).
Entech's technology can produce photovoltaic electricity, or thermal energy (heat).
WorldWater & Power plans to purchase Entech through a newly-formed, wholly-owned subsidiary. Financing will be obtained primarily through funding of the capital structure of the new subsidiary, and it is not anticipated that WorldWater cash or new shares will be utilized in the transaction. A portion of the value paid by WorldWater will be in the form of earn-out provisions.
As a WorldWater subsidiary, Entech will maintain its identity, location, and business operations in both terrestrial and space solar energy. Entech will continue to perform its contract work for NASA, the U.S. Department of Defense, and other customers, as well as its internal R&D programs leading to improved future products.
