TPE will be paid in full with shares of SunSi’s common stock, under the terms of the LOI.
The transaction enables SunSi to establish market traction for TPE technology in China with a $454bn publically disclosed commitment by the Chinese government earmarked for renewable energy projects.
It is scheduled to close no later than the end of May 2012, and it also allows both parties to leverage corporate overhead to enable expansion of US operations.
TPE president Anne Howard said SunSi will help the company expand its reach into the international marketplace so that globally more waste and untapped heat can be recovered, electrical energy produced, and fuel saved thus protecting the environment.
"This will reduce greenhouse gas emissions and industries’ carbon footprints. Our combined technologies can help stimulate growth in the economic sector both nationally and internationally," Howard said.
TPE designs, builds, owns, operates, sells and installs proprietary, custom made modular organic rankine cycles utilizing multiple environmentally sound and low global warming potential refrigerant mixtures.
TPE’s patent pending technology uses enhanced heat transfer techniques to maximize heat recovery and efficiently convert waste heat directly from industrial processes, thermal solar, geothermal biomass and landfill as well as other untapped heat into renewable electrical energy.
