News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/oil-producer-egpi-firecreek-expands-into-renewable-energy.html

Oil and gas producer EGPI Firecreek has entered into a binding agreement to acquire Missouri-based solar thermal systems supplier and integrator business Arctic Solar Engineering (ASE).

EGPI Firecreek said the acquisition signals its intent to expand into the alternative energy sector.
It anticipates growth as a result of the acquisition, with ASE’s revenues from solar forecasted to exceed $2m in 2011.
ASE integrates solar thermal technology patented by Daimler Aerospace in Germany, which is used in Europe, Asia and the Middle East.
Its solar thermal energy systems store energy solar energy collected from solar collectors to heat and cool spaces, and heat water, which combine to account for around 70 per cent of all energy used in commercial and residential structures.
EGPI Firecreek expects to have the largest installed solar thermal systems in the Midwest, and one of the largest in the country, with a five-year or less payback and no federal or state incentive support.
‘This acquisition is a game changer and one that we feel will strengthen the company’s long-term growth outlook and solidify our position in the solar sector,’ EGPI Firecreek CEO Dennis Alexander said.
‘Upon completion of the acquisition, which we estimate to be later this month, EGPI Firecreek will head into 2011 with a rapidly expanding customer base, a vast array of enticing solar solutions, and the technology to offer some of the most cost-efficient solutions to a world demanding clean, renewable energy.’