FORT WAYNE, IND. — WaterFurnace International Inc., a leading manufacturer of geothermal and water source heat pumps, announced the acquisition of a 5% ownership position in GI Endurant LLC. Under the agreement, WaterFurnace will also supply equipment to GI Endurant. Terms of the deal were not disclosed.
GI Endurant was born from the acquisition of Chicago-based Endurant Energy LLC by UK-based Geothermal International Ltd. GI Endurant’s core business was built around sustainable distributed energy and power generation assets. It focuses on Combined Heat and Power (CHP) projects (also known as cogeneration) that provide clean and reliable electricity, thermal energy and back-up power, as well as ground source heat pump (GSHP) projects.
“We’re excited to invest in a company like GI Endurant,” stated WaterFurnace President and CEO Tom Huntington. “This partnership fits well with our commitment to clean, sustainable technologies and allows WaterFurnace to participate in the development and installation of CHP systems throughout North America.”
“While the geothermal heat pump industry continues to face a challenging business environment, WaterFurnace remains focused on strategies to expand our business network, sales territories and identify prospective acquisitions,” added Huntington.
The move by WaterFurnace follows a series of OEM agreements and the January 2011 acquisition of Hyper Engineering Pty in Australia. Senior management indicated that WaterFurnace would continue its aggressive pursuit of growth opportunities to expand its core competencies.
“The Board is confident in management’s ability to develop opportunities regardless of the current business environment,” added WaterFurnace Chairman of the Board Tim Shields. “While revenue growth in our primary business is currently limited by economic conditions, we’ll continue to strengthen WaterFurnace’s position as a worldwide leader in energy efficient products and solutions.”
Additional information is available at www.waterfurnace.com.