Miami-based Atlantic Wind & Solar Inc. (AWSL) has acquired a 47.5% interest in Hybridyne Power Systems Canada Inc. (HPS) for $2 million, payable in restricted common shares of AWSL.
This acquisition is in keeping with AWSL management's strategy of building a leading technical position at the forefront of the renewable energy industry and allows AWSL to fully exploit conversion/inversion technology that represents a leap forward in efficiency when converting wind and solar power into electricity.
HPS specializes in the global sales and installation of hybrid (wind and solar) renewable energy systems. The company also holds the licensing agreement to patent-pending and/or proprietary conversion/inversion technology capable of increasing power output from solar panels by up to 29%, and from some wind turbines by up to 100%.
‘AWSL brings financial expertise and a global perspective on, and involvement in, renewable energy that meshes nicely with Hybridyne's broad range of technical interests and capabilities,’ says Richard Leverton, Hybridyne's vice president of sales and marketing. ‘By partnering truly modern and efficient technology with mature financial acumen, the renewable energy industry will better address the task of meeting the world's clean energy needs.’
According to HPS, the company has access to a large, aggregate engineering and research and development staff, national warranty/service from prominent power electronics service firms, and commitments from some of the largest equipment manufacturers and design firms worldwide.
SOURCE: Atlantic Wind & Solar Inc.
