EGPI Firecreek to buy Arctic Solar Engineering

EGPI Firecreek, the oil and gas developer with proficiencies in the DOT construction and intelligent traffic system markets that is also aggressively targeting alternative energy, reported entry into a binding letter of intent yesterday whereby the Company will acquire privately held solar thermal supplier/integrator, Arctic Solar Engineering, LLC (ASE).

Superior product-space acumen and the capacity to ingeniously design energy saving systems which employ proven/patented solar thermal technology developed over three decades ago by Daimler Aerospace is what separates ASE from the competition.

The ability to reduce energy consumption by up to 70% is something that the St. Louis, Missouri-based ASE is very proud of being able to offer and the underlying technology represents a sustainable, efficient and cost-effective method.

Solar collectors designed by ASE capture light energy at 90% efficiency, employing a heat pipe design and storing the energy in water (or some other cheap medium), then directly using that heated medium to heat spaces, heat other water or even cool spaces.

It may seem incredible without understanding just how much energy this really is, but quantification by the US DOE clearly indicates that for domestic commercial/residential structures, the figure accounts for 70% of all energy used.

The ASE solar thermal systems are unique in the local market with zero direct competition, making ASE a very solid move by EFIR for tapping into what is a rapidly developing aspect of the alternative energy space.

Massive growth in the demand for alternative energy sources, combined with the superior usability of the technology for a majority of heating/cooling needs and the absence of any real national competition in the form of systems which can achieve the same results, makes ASE a very attractive asset for EFIR and the Company’s shareholders.

Being able to promise typical ratios for savings of over 10:1 is a huge selling point and the combination of ASE’s proficiency in solar thermal, with EFIR’s energy and engineering expertise, will result in the ability to offer customers a complete turnkey solution for commercial solar that uses no conventional inputs.

CEO of EFIR, Dennis R. Alexander, projects that the Company will have the largest installed solar thermal systems in the Midwest and quite possibly the entire country, capable of 5-year payback and requiring absolutely no federal incentive/support.

Alexander stated a late January date for finalization of the acquisition and called the move a “game changer” that will propel EFIR into 2011 with huge momentum in customer base expansion, citing current revenue projections of $2M for 2011 by ASE alone.

CEO of ASE concluded by asseverating his colleague’s comments/attitude about the deal, adding that the combined force of ASE and EFIR will likely produce breakthroughs neither party has yet envisioned