As previously announced, EGPI Firecreek entered into a binding Letter of Intent to acquire St. Louis, MO. based Arctic Solar Engineering, LLC, a privately held supplier and integrator of solar thermal systems and absorption units.
Arctic Solar Engineering, LLC, is an integrator of Solar Thermal Energy technology. Solar Thermal Energy (“STE”) is the most efficient and economical method of capturing and using renewable thermal energy created by the sun every day of the year. The solar collectors that are used, based upon a heat pipe design which operates under basic laws of physics, capture all visible and non-visible wave lengths of sun light and covert the light into energy at 90% efficiency. Energy created by ASE’s STE systems store that energy in water (or other similarly inexpensive storage mediums) and then use that energy in its direct form to heat water, heat space and cool spaces. According to the US Department of Energy, this accounts for 70% of all energy used in commercial and residential structures in the United States.
Because of Arctic Solar’s application of their Thermal Energy Systems, they feel competition is very limited on a local and national basis. Statistically, the market demand for renewable energy has been growing at a dramatic rate. ASE’s payback is faster and typically saves customers on a scale of 10:1 or greater over the same 20 year projected savings from other energy sources.
Dennis Alexander, EGPI Firecreek CEO, stated, “We are excited to add Arctic Solar to our newly established alternative energy division. We are confident that their cutting edge technology will help us initiate a footprint for our company in the renewable energy industry, thereby, helping us to participate in creating a clean environment and a greener tomorrow.”
Arctic Solar Engineering, LLC integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is used throughout Germany, other parts of Europe, Asia and the Middle East. ASE’s competitive advantage is product knowledge and knowledge of how water based energy systems work and can be successfully implemented to reduce an average building’s energy consumption by up to 70%.
EGPI Firecreek, Inc.’s business and acquisition strategy is focused on both the vertical integration of enterprises serving the D.O.T. Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO) alongside its wholly owned subsidiary M3 Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.