AquaSwiss AG Acquires IDE’s Thermal Desalination Technology
Tel–Aviv, Israel, May 4, 2010 – IDE Technologies, a global leader in water technologies, today announced that is has signed a technology transfer agreement with AquaSwiss AG, a Switzerland-based provider of advanced water solutions, granting AquaSwiss AG the exclusive right to use IDE’s thermal desalination technologies in defined regions within the Middle East, North Africa (MENA) and Southeast Asia.
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IDE entered into the agreement to exploit the significant potential of these markets, all of which are inaccessible to IDE. IDE has committed to transfer the technology and know-how over a specified time period, and AquaSwiss has agreed not to compete with IDE outside the defined regions.
"We are extremely pleased to have secured IDE's technology and know-how as a means for bringing superior desalination solutions to some of the world’s largest desalination markets that are closed to IDE for political reasons,” commented Sanjeev Varma, CEO of AquaSwiss AG. “By acquiring the right to use IDE’s thermal MED technologies in these markets, we believe we can outperform the solutions currently available in these markets in terms of efficiency and price, an advantage that will position us to secure a prominent market share. We are planning on expanding our operations through additional technology acquisitions that will allow us to strengthen our delivery capabilities".
"This agreement is a practical solution that enables us to capitalize on the technological assets that we have built through more than four decades of R&D,” added Avshalom Felber, IDE's CEO. “We believe it represents an optimal path for benefiting from the demand of large markets that have been closed to us, and thereby to increase IDE's value and benefit our shareholders.”
About IDE Technologies:
IDE Technologies is a pioneer and world leader in water technologies. The company specializes in the development, engineering, production and operation of advanced desalination systems and innovative industrial water solutions. Over the past four decades, IDE has established itself as the clear leader of technology and cost effectiveness for both thermal and membrane (Reverse Osmosis) technologies – such that many of the largest desalination projects in the world are IDE projects. To date, the company has delivered some 400 plants of various types and sizes throughout the world, providing high quality desalinated water for industries, mines, refineries, and power stations, as well as for municipal and agricultural use. IDE is jointly owned by two of Israel’s largest industrial enterprises: ICL Group (50%), one of the world’s leading fertilizer and specialty chemicals companies; and Delek Group (50%), a leading international holding conglomerate.
About AquaSwiss AG:
AquaSwiss AG, with its corporate office and engineering center in Frauenfeld, Switzerland, was founded in early 2009 by a group of entrepreneurs together with an investors group operating in diverse, large international businesses. The group has identified a clear market space for an additional solution provider in the MENA and Southeast Asia desalination markets. AquaSwiss AG offers a portfolio of thermal (MVC & MED) and membrane (RO) desalination solutions and industrial water treatment, with markets of operation in the Middle East, Northern Africa and partial South East Asia regions. AquaSwiss AG offers EPC services as well as BOT/BOO solutions.