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05 May 2005
Acquisition of Stake in Powertech Solar Ltd
Good Energy Group PLC, the renewable energy business, announces that it has acquired a 15% stake in Powertech Solar Ltd with an option to acquire a further 15%. Powertech is a leading designer and distributor of high quality solar thermal equipment ideal for homes and businesses, and has advantageous overseas supply contracts which enable installations to be justified on economic criteria alone. John Sellers, Good Energy's Chairman, said, "We see solar thermal as a vastly under-utilised sustainable resource and certain to play an important role in future carbon saving technologies. Through our subsidiary Good Energy Ltd, we already have a growing base of 15,000 customers who take our 100% renewable electricity product. They will be participating in a major survey to help us develop with Powertech a coherent UK strategy for a solar product as well, and ultimately the means by which we can all displace fossil fuel gas, with solar energy becoming the obvious new energy source for water heating in the UK." Through its new subsidiary Good Solar Ltd, Good Energy is injecting GBP 100,000 cash into Powertech.
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