SolCool One, LLC Announces Acquisition by AquaCell Technologies

AquaCell Technologies, Inc. announced that it has entered into a Letter of Intent to acquire GPM, Inc., manufacturer and patent owner of the world’s only stand-alone solar powered air conditioner, marketed under the name SolCool.

Unlike currently available air conditioners, the SolCool air conditioner uses less than 25% of the power of traditional air conditioners of the same size and can be run with only two photovoltaic (solar) panels, freeing the user from the electric utility grid. The current SolCool air conditioner, which is the fourth generation, provides 1.5 tons/18,000 BTUs of cooling from the power of the sun, and is eligible for state and federal energy rebates. “The move from prototype model to an affordable assembly-line product has been a huge step for us in our development,” said Roger Pruitt, inventor of the SolCool air conditioner and President of GPM. “The pace at which the market for our product has grown over even the past few weeks has far outstripped the capacity of our privately held company to effectively meet this demand.” It is the only climate control equipment in the world that uses direct, renewable DC input to power its internal 24-volt operating system. Previous versions of have been purchased by the US military, corporations and international real estate developers. “Currently the unit can be powered by as little as 300 watts — or only two 150 watt solar panels, which will allow for almost universal application,” said Kevin Spence, AquaCell’s President and CFO. James Witham, AquaCell’s Chief Executive Officer added, “This letter of intent is the culmination of five months of combined effort on the part of AquaCell and GPM. We are pleased to have reached an agreement to acquire the first air conditioner in the world that can efficiently run off the power of the sun. This is truly a remarkable renewable energy product that has the ability to revolutionize a broad spectrum of the global air conditioning market.”