Acquisition Bid Aims for On-Site Power Market

A new acquisition bid aims to combine a distributed power, and hydrogen energy company with a major renewable energy company. Alternate Energy Corporation (AEC) signed a letter of intent to acquire a majority interest in Sterling Technologies, from Sterling Planet. Sterling Technologies is a subsidiary of Sterling Planet that deploys distributed generation technologies, primarily solar systems, through utilities and state-supported green energy programs.

Las Vegas, Nevada – April 16, 2004 [] The acquisition is to support AEC’s go-to-market effort for its hydrogen production unit. The transaction, which is scheduled to close on or before May 12, 2004, includes the purchase of a 51% interest in Sterling Technologies for cash and stock. “A large immediate market for AEC is the electric utility industry and their customers who want to be generating a portion of their power on-site using renewable energy. This includes utilities that are looking to reduce the need to finance expensive new power plants as well as supporting their clients’ onsite power requirements,” said Blaine Froats, AEC’s Chairman. “Sterling Technologies’ knowledge of Renewable Energy Certificates, governmental and corporate subsidy and incentive programs, and practical, in-the-field experience in this area is unique in our opinion.” For its part, Sterling Planet expects the AEC relationship to help extend and broaden the Atlanta-based company’s position in the rapidly developing market for cleaner electricity from diverse, reliable, domestic renewable energy sources. Sterling Technologies, owns the assets of the Sterling Planet distributed power generation business. The company’s credits include a 330 KW photovoltaic array with a 660 KW solar hot water facility for the 1996 Summer Olympics swimming venue at the Georgia Institute of Technology in Atlanta. This was the largest solar project in the United States at the time. Since then, Sterling Planet has invested more than $1 million in solar systems development in partnership with various utilities, technology firms and suppliers. Currently, Sterling Technologies owns three solar systems in Florida and has a fairly extensive solar development pipeline. AEC said they are the first company to provide a hydrogen device for small-scale, on-demand distributed generation of electricity. The device is immediately deployable and qualifies for Renewable Energy Certificates. AEC said their proprietary discovery in metallurgy permits a small-scale unit to generate hydrogen from water through a “green” process at a fraction of the fossil fuel kWh cost of energy.
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