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Wasibi Energy completes purchase of Global Geothermal Ltd

Interior of Húsavík Kalina Cycle geothermal power plant, Iceland (source: Global Geothermal)
Alexander Richter 18 May 2012

Australia and London listed Wasabi Energy completes the acquisition of Global Geothermal Ltd. and with it its subsidiary Recurrent Engineering. Wasabi Energy now completes its ownership of the core Kalina Cycle technology portfolio.

Reported by “Wasabi Energy (LON:WAS, ASX:WAS), the company has completed its purchase of 100 per cent of Global Geothermal Ltd.

It comes as the company finalised its purchase of a 4.4 per cent minority stake in Global Geothermal from Exergy by issuing 50 million new shares at 2 cents a share as payment.

As reported in January last year, the company bought Global Geothermal Limited through the purchase of a series of minority stakes – Exergy being one.

Executive chairman of Wasabi and director of Global Geothermal Limited said the acquisition of marked a “significant milestone”.

“Through our acquisition of Global Geothermal Limited and in turn its own wholly owned subsidiary Recurrent Engineering LLC, Wasabi Energy has obtained complete ownership of the core Kalina Cycle technology portfolio,” he said.

Earlier this week, the company said it was continuing discussions with major groups across the globe about the Kalina Cycle technology.”

Source: Proactive Investors Hong Kong