• WaterFurnace Invests in EnergyFirm GI Endurant

    July 6, 2012
    Will participate in combined heat and power projects throughout North America

    WaterFurnace has acquired a 5% ownership stake in energy project developer GI Endurant, LLC. Under the agreement, WaterFurnace will also supply equipment to GI Endurant.

    GI Endurant was formed through 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) cogeneration projects 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,” says 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.”

    Huntington says expansion in spite of a sluggish economy is part of the WaterFurnace plan. “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,” Huntington says.

    The acqusition by WaterFurnace follows a series of OEM agreements, including the January 2011 acquisition of Hyper Engineering Pty in Australia. Senior managers say 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.”