Pennington, New Jersey [RenewableEnergyAccess.com] WorldWater & Solar Technologies Corp., formerly WorldWater & Power Corp., developer and marketer of proprietary high-power solar systems, has signed a final Letter of Intent (LOI) for the acquisition of ENTECH, Inc., developer and manufacturer of advanced solar concentrating technology.The definitive agreement is expected to be completed before the end of the second quarter, with closing scheduled soon thereafter. As part of the agreement, WorldWater will pay ENTECH shareholders $6.3 million in cash consideration along with $12 million in WorldWater common stock.
“We greatly appreciate our shareholders’ patience as we worked hard to structure an appropriate transaction this past year,” stated Quentin T. Kelly, Chairman and CEO. “ENTECH’s solar concentrator technology greatly enhances the efficiency of large solar applications, utilizing 95% less silicon to generate power than required by conventional flat plate solar modules.”
“As a combined entity, we can provide solar systems capable of generating and delivering electrical and thermal energy at a price competitive with the grid — even before rebates. We have been working with ENTECH on a number of megawatt and multi-megawatt RFPs and look forward to consummating this transaction in the very near future,” Kelly added.