US renewable energy project developer SunSi Energies has purchased a controlling 51 per cent stake in TransPacific Energy (TPE), for an undisclosed price.
TPE produces systems that convert waste heat directly from industrial processes, thermal solar, geothermal biomass and landfill, into energy, as well as offering a thermal storage technology.
SunSi will immediately start to amalgamate TPE's operating results on a prospective basis.
David Natan, CEO of SunSi, said, 'We are very pleased to have completed our acquisition of a controlling equity interest in TransPacific Energy. We believe TransPacific's technology has tremendous upside in various applications both domestically and worldwide.
'Their breakthrough technology makes the direct conversion of heat waste to clean electricity an economically viable alternative to predecessor solutions that resulted in marginal savings and high capital expenditures.
'We view the renewable energy marketplace as having uncapped potential. TransPacific is already working on a number of installations for high-profile companies and agencies including a special project with the government of Morocco.'