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Solo Energy Taps Enron as Investment Partner

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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