HEAT - SmartHeat Inc. Completes Acquisition of Gustrower Warmepumpen GmbH 03/03 03:55 AM
NEW YORK, March 3, 2011 /PRNewswire-Asia/ -- SmartHeat Inc. (HEAT:$4.25,00$-0.07,00-1.62%) , a market leader in China's clean technology energy savings industry, announced today that it closed the acquisition Gustrower Warmepumpen GmbH (GWP), a designer and manufacturer of high efficiency heat pumps, from Conergy AG. This acquisition extends SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) 's clean technology heating solutions into the rapidly growing heat pump markets in Europe and China, enabling SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) 's customers to purchase technologically advanced heat pump technology at competitive prices.
Heat pump systems provide heating, cooling and hot water for residential and commercial buildings and process heat for industrial applications using small amounts of electricity. Heat pumps are replacing conventional energy sources such as oil, gas and coal by using the solar energy stored in water, soil and air or recovering heat from wastewater or exhaust air. The various advantages of heat pumps in terms of energy efficiency, operating cost, Carbon Dioxide (CO2) emission reduction and their ability to provide heating and cooling in one machine, has made them the leading energy source for new buildings in Germany and Austria, and has replaced conventional fossil fuel based technology in these countries to a large degree.
Mr. James Wang, Chairman and Chief Executive Officer of SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) , commented: "We are excited to add GWP to our portfolio of clean technology heating and cooling solutions for industries and residences. Our acquisition of GWP gives us rapid access to proven, advanced clean technology heat pumps which we will produce for the China domestic and European markets in 2011."
From March 15 through March 19, 2011, SmartHeat (HEAT:$4.25,00$-0.07,00-1.62%) will feature GWP heat pumps at the Frankfurt ISH trade show, the world's biggest showcase for energy efficient heating and air-conditioning technology and renewable energy.
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