UK headquartered clean technology business ENER-G
has taken a 75% holding in New Jersey based cogeneration business Rudox www.rudox.com
to accelerate expansion in the growing American combined heat and power market.
The new ENER-G Rudox business will design, develop, manufacture and install Combined Heat and Power (CHP) systems from Rudox's production facility in New Jersey. Existing Rudox owners, the Goodman family, will retain a 25% stake in the new company.
Chris Hayton, new Chief Executive of ENER-G Rudox Inc, said: "This union between clean technology companies ENER-G and Rudox brings together a collective 90 years of market leadership in cogeneration and provides a strong and solid platform for growth.”
"With Rudox's engineering and manufacturing capabilities and extensive network of service engineers, we can deliver and fund combined cooling, heat and power solutions to an American market that is seeking to save money on energy and improve green performance. In the aftermath of Hurricane Sandy, the benefits of CHP as a source of secure energy and emergency power are also driving demand."
Ryan Goodman, President of Cogeneration for ENER-G Rudox Inc, said: "We are proud to join together with ENER-G, which is a European market leader in cogeneration. Our integrated product range, which will be manufactured by our experienced team in New Jersey, will provide the market with a wide choice of advanced cogeneration solutions from 70kW to 10MW. This investment gives us the capability to accelerate expansion and enables fully financed energy solutions, so customers have the option to pay as they save, without making any capital investment in energy saving technology."
ENER-G, which entered the USA market in 2011, has recently commissioned a 2,454 MWh combined cooling, heat and power (CCHP) system at St. Peter's University, New Jersey. This is part of a £4 million energy services contract, funded mainly by ENER-G - involving a strategic upgrade of heating, ventilation and air conditioning infrastructure, the installation of a solar photovoltaic system and new building energy management technology.
ENER-G and Rudox have a combined turnover approaching £130 million and a global portfolio of 603MW operational cogeneration systems. In total, this CHP capacity achieves annual carbon dioxide savings of 342,504 metric tonnes. This equates to the environmental benefit of carbon sequestered by 280,741 acres of pine forest.
Chris Hayton added: "ENER-G Rudox Inc already has a £63 million pipeline of sales opportunities and with local engineering and manufacturing capability we can deliver faster to market, while providing rapid, on-demand servicing and maintenance support throughout the lifetime of projects. We are committed to growing the ENER-G Rudox business and contributing to economic prosperity and green growth in the USA."
ENER-G Rudox will continue to provide CHP packaged products and custom cogeneration projects on an EPC (engineer, procure and construct) basis. Fully financed cogeneration systems will be available, with provision to deliver a complete energy services package - releasing substantial, guaranteed customer savings through energy efficiency and renewable energy generation.
ENER-G's Greater Manchester production facility and research and development centre will continue to drive innovation and produce combined heat and power systems for customers in the UK and Europe, as well as other export markets. The UK facility is also the global manufacturing centre for the company's biogas generation systems used in renewable energy generation from anaerobic digestion, landfill, mines and associated biogases.