ICP Solar Signs Agreement to Acquire WES Power

August 29, 2007 by Jeff Shepard

ICP Solar Technologies Inc. announced that it has entered into an agreement to acquire privately held WES Power, described as a leader in renewable power performance management systems.

"We believe that the acquisition of WES Power and its GreenMeter™ technology is strategically important for us," said ICP Solar CEO and Chairman, Sass Peress. "We have always been focused on innovation and creating products that offer the best performance and features. When combined with our patented rooftop solar tile technology, we will now be in a position to provide our current customers, as well as new power generation channel customers, with a real-time communications interface with their systems. This will give our company a competitive advantage in the marketplace and position us to become a leader in this fast growing renewable power category."

All of the ICP Solar chargers come with Plug’n’Play™ for quick connectivity, several adaptors for different applications including the GreenMeter™ which includes desktop software that records and displays the power generated from panels and up to the minute information on greenhouse gas savings.

"ICP Solar has clearly established itself as a leader in the solar energy industry and we are pleased to become part of the team that is working to accelerate the evolution of the solar energy experience," said WES Power CEO, Gerry Heffernan. "We look forward to bringing together our technologies and creating the next generation of solar energy products."

Financial terms of the proposed transaction were not released.