Press Release Source: WorldWater & Power Corp.
WorldWater & Power to Acquire ENTECH, a Pioneer in Advanced Concentrating Solar Technology
Monday July 10, 7:30 am ET
Increased Efficiency with Reduced Silicon Solar Cell Requirements - Achieving Cost Parity with the Grid, Using Current Technology Ready for Production
PENNINGTON, N.J.--(BUSINESS WIRE)--July 10, 2006--WorldWater & Power Corp. (OTC BB:WWAT.OB - News), developer and marketer of proprietary high-power solar systems, today announced that it has entered into a Letter of Intent (LOI) with ENTECH, Inc. of Keller, TX, to acquire the company upon completion of the necessary due diligence and after obtaining appropriate financing. ENTECH, a private company formed in 1983, is a developer and manufacturer of advanced concentrating solar photovoltaic and thermal technologies for terrestrial and space power applications. ENTECH has developed record-breaking concentrator solar power systems, supplied solar power for space missions for NASA, and installed ground-based concentrating solar systems in North America.
ADVERTISEMENT
With the combined technologies of WorldWater & Power and ENTECH, solar systems will be capable of generating and delivering electrical and thermal energy on site at prices competitive to retail prices without relying on rebates. ENTECH's patented concentrator technology also allows for the installation of massive solar "farms" with greatly reduced requirements for solar cell materials (silicon or multi-junction) and, when used in conjunction with WorldWater & Power's technology, greatly reduces the reliance on rebates or other incentives for economic installations. Due to the advantages of ENTECH's concentrator, only 5% of the amount of silicon used in flat plate solar modules is required by current ENTECH modules to generate the same electrical power. For example, 50 kilowatts of solar cells used in conventional flat plate solar modules generates one megawatt of electrical energy using the ENTECH modules.
Consequently, the ENTECH technology greatly lessens the impact of the silicon material shortage currently constricting flat plate solar panel supply. ENTECH is also developing even more cost-effective systems using multi-junction solar cells. ENTECH concentrators utilize a two-axis tracker to follow the sun's position throughout the day, maximizing energy production.
ENTECH's technology can produce photovoltaic electricity, or thermal energy (heat) for commercial uses such as for heating and/or air conditioning. When applied in a combined fashion for onsite power applications, the cost to the customer can be significantly less for electricity generated and for BTU of heat provided versus separate competing systems currently on the market, and can also be competitive with current retail energy prices.
WorldWater & Power plans to purchase ENTECH through a newly-formed, wholly-owned subsidiary. Financing will be obtained primarily through funding of the capital structure of the new subsidiary, and it is not anticipated that WorldWater cash or new shares will be utilized in the transaction. A portion of the value paid by WorldWater will be in the form of earn-out provisions.
As a WorldWater subsidiary, ENTECH will maintain its identity, location, and business operations in both terrestrial and space solar energy. ENTECH will continue to perform its highly successful contract work for NASA, the U.S. Department of Defense, and other customers, as well as its internal R&D programs leading to improved future products.
"Today marks a historic moment for WorldWater," said Quentin T. Kelly, Chairman of WorldWater & Power Corp. "In addition to our expanding business using our proprietary AquaMax(TM) drives, the pending acquisition of ENTECH, when completed, will give us unmatched solar concentrator applications, enabling us to compete on large-scale systems of one to 100 megawatts or more that can efficiently harness the sun's power for large industrial and municipal electricity supply. This will drive down costs and reduce the requirements for scarce silicon, a factor now pushing up the cost of solar PV cells and panels. We will be able to build large-scale solar farms using a fraction of the silicon required by conventional solar systems. In addition, with ENTECH's proven tracking technology, the capacity factor of our systems can be improved by up to 25%, while heat generated via solar concentration can be captured and utilized for food processing, HVAC or other applications."
Dr. Walter Hesse, Chairman and CEO of ENTECH, commented, "The combination of ENTECH's proprietary terrestrial applications with WorldWater's patented motor drive technology will clearly provide a superior value proposition to clients. We look forward to working together with WorldWater & Power as soon as the acquisition can be effected, and to continuing our state-of-the-art developments in terrestrial solar power and space solar power with NASA, the Department of Defense, and others, along with building large-scale solar power applications In fact, we are already preparing plans to bid on several multi-megawatt joint projects."
About WorldWater & Power Corp.
WorldWater & Power 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. For more information about WorldWater & Power Corp., visit the website at [URL]www.worldwater.com.[/URL]
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. Additional information can be found at [URL]www.entechsolar.com.[/URL]
