WorldWater & Solar Technologies Corp. (OTC BB: WWAT), developer and marketer of proprietary high-power solar systems, has signed a final Letter of Intent defining the terms for the acquisition of ENTECH, Inc., developer and manufacturer of advanced solar concentrating technology.
The agreement is expected to be completed before the end of the second quarter, with closing scheduled soon thereafter. WorldWater will pay ENTECH shareholders $6.3 million in cash consideration along with $12 million in WorldWater common stock.
Said Quentin Kelly, Worldwater 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. This is an exciting time for our two companies.”
About WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world’s electricity and water supply problems.
About ENTECH, Inc.
ENTECH provides advanced solar energy technology for a variety of applications, ranging from daylighting systems for commercial buildings to solar power arrays for spacecraft. The company’s patented solar power systems produce electricity from sunlight for applications on Earth (terrestrial power) and in space (spacecraft power). ENTECH’s Fresnel lenses capture sunlight and focus it onto small solar cells, thereby reducing electricity costs compared to conventional flat-plate (planar) solar energy approaches. www.entechsolar.com
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