WorldWater & Solar Technologies Corp., a Ewing, N.J.-based developer and marketer of proprietary high-power solar systems, and ENTECH Inc. of Keller, Texas, a solar technology company, announced an agreement in which ENTECH will merge into a wholly-owned subsidiary of WorldWater.
Under the terms of the agreement, WorldWater will pay ENTECH stockholders $5 million in cash and will also pay $1.3 million of ENTECH's liabilities at closing. WorldWater will also provide $5 million of working capital to commence the manufacture of the ENTECH 20x concentrator systems for a 50 MW plant in Spain.
"Together, we expect to become one of the lowest-cost providers of solar energy in the world," says Quentin T. Kelly, chairman and CEO of WorldWater.
"With the combined technologies of WorldWater and ENTECH, our solar systems will be capable of generating and delivering electrical and thermal energy on-site to our customers at prices that are competitive with retail electric levels," adds Dr. Walter Hesse, CEO of ENTECH.