Open Energy Corporation (OTCBB: OEGY), a renewable energy company focused on the development of solar technologies that produce renewable energy, fresh water and related resources, signed an agreement to acquire privately-held WaterEye Corporation in an all stock transaction worth approximately $3 million.
Open Energy plans to use the technology as part of its first commercial solar desalination plant in the first quarter of 2007. David Saltman, President and CEO of Open Energy said, “WaterEye has developed proprietary remote monitoring and display technology for water systems, with customers that include GE Water, Siemens, Dow, Dupont and Poseidon Resources. This same monitoring package will be important as we launch Suncone CSP systems next year.”
Tom Wolfe commented: “The ability to use solar energy to desalinate water is very exciting. Up to 50% of the cost of producing potable water is directly attributable to energy consumption. Many areas of the world where fresh water is most needed lack access to grid power or simply can not afford the costs of diesel fuel. Once we demonstrate the capabilities of SunCone Desal, I think many organizations around the world will take notice.”
Water Eye is headquartered in Grass Valley, California and provides secure ASP based remote monitoring and diagnostic services to the water and wastewater treatment industries. This proprietary software grew out of the Company’s work as system integrators and software developers for ultra pure water systems refineries, power stations, municipal water treatment plants, and high tech manufacturing facilities. WaterEye president Tom Wolfe is one of the pioneers in reverse osmosis technology.
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