Jul 17, 2013 - US-based Blue Earth Inc (PINK:BBLU) said Wednesday it had concluded the buy of two combined heat and power (CHP) alternative energy firms -- IPS Power Engineering Inc and Global Renewable Energy Group Inc (GREG).
In the middle of April, Blue Earth said it had struck a binding letter of agreement to buy a firm that provides engineering, procurement, construction and management services, and a related renewable energy firm, but did not unveil their names until today. At the time it also said the firms were to initially work on seven projects for “a substantial New York Stock Exchange customer”. The buyer is now working on the financing for the initial projects.
Via the acquisition Blue Earth becomes a “significant” independent power producer (IPP), CEO Johnny Thomas said, adding that the CHP companies would result in faster revenue growth for the buyer and also “help insure the transition to positive EBITDA for 2013 and profitable operations for 2014”.