Irvine, Calif., October 22, 2010 – FlexEnergy, a clean tech business with the breakthrough solution to create clean energy with near zero emissions from harmful greenhouse gases, announced that it has signed a letter of intent to acquire the assets of the Energy Systems business of Ingersoll Rand. Details of the proposed transaction were not announced.
The Energy Systems business provides products, services, and solutions that enhance their customers’ energy efficiency, productivity, and operations. Their diverse and innovative products include environmentally friendly microturbines, microturbine systems and recuperators.
FlexEnergy has unveiled the Flex Powerstation technology allowing the transformation of harmful and previously unusable methane gas into clean energy.
Ray Pittard, vice president of Ingersoll Rand’s climate solutions sector, adds, “The combination of our Energy Systems business assets and the FlexEnergy system will provide a unique and differentiated solution for low emission power generation.”
The proposed acquisition is subject to customary due diligence, the execution of definitive agreements, and is expected to close in Q4 of this year. Ingersoll Rand will be a minority investor in the combined entity following the closing of the transaction.