Mar 15 2013
RenuEn Corporation, a Renewable Energy Development Company, today announced the acquisition of Alquimi Solar, a Saddle Brook, New Jersey-based solar and renewable energy development company.
"I am pleased to announce the acquisition of Alquimi Solar, and to welcome them to the RenuEn team," said Don Wood, CEO of RenuEn. "Alquimi has an extensive pipeline of developed projects as well as a dozen joint venture partnerships with some of the largest renewable energy companies in the United States, including solar, wind and geothermal projects. The Alquimi Solar team will be continuing with the development of their existing global project portfolio, as well as developing new renewable projects with the RenuEn team under the RenuEn brand."
John Martin, Esq., CEO of Alquimi, states: "Don has put together a tremendous business plan and a team of experienced executives, and the business models between Alquimi and RenuEn make this acquisition an ideal fit for both companies."
Rene Reyes, COO and Director of R&D for Alquimi, stated, "I am excited to be working with Syed Jafri, Chief Technical Officer for RenuEn. I am thrilled to bring my two current solar racking patents and pending utility and design patents to Syed's international engineering group. Having RenuEn as the Master Licensee of the patents should allow us to further develop new products and services with a global expansion and distribution in mind under one common brand."
Alquimi brings a knowledgeable business, legal and financial team with extensive experience in developing and financing renewable energy projects. "Mr. Martin's many years as a real estate development and contract attorney and Mr. Reyes' extensive design, technology and project management experience will be a cornerstone in our commercial and utility solar development plan," Wood added.
The financial terms of the acquisition of Alquimi Solar will be disclosed in the 2013 First Quarter Financials. As part of the acquisition, John Martin will be appointed to the Board of Directors and actively involved with the RenuEn executive team. "Alquimi is the first in a series of acquisitions that I expect to be finalized in the very near future. We will be announcing the additions to the RenuEn family of companies once the final contracts are executed."