FlexEnergy, a company that makes equipment for converting landfill gas to energy, has signed a letter of intent to acquire the assets of the Energy Systems business of Ingersoll Rand (NYSE:IR).
Financial details of the proposed transaction were not released.
The Energy Systems business provides products and services to enhance energy efficiency, productivity, and customer operations. The business unit’s product portfolio includes microturbines, microturbine systems and recuperators.
In August, FlexEnergy unveiled its Flex Powerstation technology for converting methane gas from landfills into clean energy. The company says the system runs effectively on methane concentrations that are lower (more diluted) than levels needed by other equipment, while producing "near zero" emissions.
FlexEnergy CEO Joseph Perry states, “With the acquisition of a leader in microturbine technology, FlexEnergy will be able to provide a family of products from microturbines and recuperators to the complete Flex Powerstation."
The proposed acquisition is subject to customary due diligence, the execution of definitive agreements, and is expected to close in 4Q of this year.
Ingersoll Rand will be a minority investor in the combined entity following the closing of the transaction.
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