Solo Energy Taps Enron as Investment Partner
Enron North America has entered into a strategic partnership
with Solo Energy Corp., a developer of wireless energy microturbine
products for distributed electricity supply, involving cash
investment, marketing and competitive fuel pricing.
Under the agreement, Enron will assist Solo in securing energy
supplier contracts, and support market and gas technology research
in exchange for warrants to purchase Solo Energy preferred stock.
An Enron subsidiary made an investment in Solo in August 2000 that
will be used for research and development and general operations,
the company said.
Solo expects to begin commercial testing of its products at
customer and partner locations in 2001, and will then market energy
service contracts based on its Wireless Energy technology to
commercial and small industrial companies.
"Commercial industries, in particular grocery stores, luxury
hotels and large retailers, are poised to reap substantial benefits
from the deregulation in the domestic retail energy market," said
Martin Lagod, CEO of Solo Energy. "The cash infusion and the
strategic partnership with Enron will enable Solo Energy to make a
strong entry into this market sector when we complete testing of
the Wireless Energy microturbine and related Internet-based control
products in 2001."
The company said its Wireless Energy microturbine is an on-site
energy technology that uses natural gas and other fuels to deliver
customized energy solutions. Alex Steis
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