NEW YORK, March 3, 2011 /PRNewswire-Asia/ -- SmartHeat Inc. (Nasdaq: HEAT), a market leader in China's clean technology energy savings industry, announced today that it closed the acquisition Gustrower Warmepumpen GmbH (GWP), a designer and manufacturer of high efficiency heat pumps, from Conergy AG. This acquisition extends SmartHeat's clean technology heating solutions into the rapidly growing heat pump markets in Europe and China, enabling SmartHeat's customers to purchase technologically advanced heat pump technology at competitive prices.
Heat pump systems provide heating, cooling and hot water for residential and commercial buildings and process heat for industrial applications using small amounts of electricity. Heat pumps are replacing conventional energy sources such as oil, gas and coal by using the solar energy stored in water, soil and air or recovering heat from wastewater or exhaust air. The various advantages of heat pumps in terms of energy efficiency, operating cost, Carbon Dioxide (CO2) emission reduction and their ability to provide heating and cooling in one machine, has made them the leading energy source for new buildings in Germany and Austria, and has replaced conventional fossil fuel based technology in these countries to a large degree.
Mr. James Wang, Chairman and Chief Executive Officer of SmartHeat, commented: "We are excited to add GWP to our portfolio of clean technology heating and cooling solutions for industries and residences. Our acquisition of GWP gives us rapid access to proven, advanced clean technology heat pumps which we will produce for the China domestic and European markets in 2011."
From March 15 through March 19, 2011, SmartHeat will feature GWP heat pumps at the Frankfurt ISH trade show, the world's biggest showcase for energy efficient heating and air-conditioning technology and renewable energy.
GWP has 20 years of history in clean energy systems, including heat pumps and related systems. GWP's strengths are in developing high efficiency compact heat pumps providing heating, cooling and hot water for residential and commercial buildings.
About SmartHeat Inc.
Founded by James Jun Wang, a former executive at Honeywell China, SmartHeat Inc. (www.smartheatinc.com) is a NASDAQ Global Market listed (Nasdaq: HEAT) U.S. company with its primary operations in China. SmartHeat is a market leader in China's clean technology energy savings industry. SmartHeat manufactures heat exchangers, custom plate heat exchanger units (PHE Units) and heat meters. SmartHeat's products directly address air pollution problems in China where massive coal burning for cooking and heating purposes is the only source of economical heat energy in China. SmartHeat's products significantly reduce heating costs, increase energy efficiencies, reduce air pollution, and have broad applications. SmartHeat's customers include global Fortune 500 companies as well as municipalities and industrial/residential users. China's heat transfer market is currently estimated at approximately $2.4 billion with double-digit annual growth according to the China Heating Association.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the company's expectations. SmartHeat's actual results may differ from its projections. Further, preliminary results are subject to normal year-end adjustments. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect SmartHeat's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in SmartHeat's filings with the Securities and Exchange Commission.
Corporate Communications Contact:
Ms. Jane Ai, Corporate Secretary
SOURCE SmartHeat Inc.