UK PowerHouse Energy to gain full control of Swiss Pyromex
Aug 3, 2011 - UK waste-to-energy equipment maker PowerHouse Energy (LON:PHE) said Wednesday it had agreed to acquire the 70% interest it does not own in Swiss technology licensor Pyromex Holding for as much as GBP 33 million (USD 54m/EUR 37.8m).
The purchase price includes an initial consideration of GBP 2.5 million and two performance-based payments of GBP 15.3 million in cash or stock.
Pyromex has developed a ultra-high temperature thermal reactor technology used for converting various waste materials into energy. PowerHouse has a technology licence agreement with Pyromex for North America, Central America, the Surrounding Islands, Nigeria, Australia and New Zealand and a non-exclusive licence for other parts of the globe. The technology licence will be superseded by the transaction. The acquisition of its technology licensor, is expected to expand PowerHouse's sales pipeline.