Bridgend water heat recovery technology firm Econotherm has been acquired by Canadian firm Solex Thermal Science.
Calgary-based Solex, a specialist in thermal and bulk materials engineering, has not disclosed the value of the deal, which it said furthers its capacity to help its customers reduce the primary energy consumed to produce industrial goods.
Econotherm, which employs around 20 people, is a leader in the design and manufacturing of heat pipes and exchangers for industrial waste heat recovery. The company focuses on difficult to recover heat that includes hot and dirty exhausts in industries such as automotive, metals, construction, food, mining, oil and gas, power generation and pharmaceutical.
Econotherm has participated in a number of international EU and 海角视频-funded research and development projects where its expertise in heat pipes has contributed to new developments for industrial waste heat recovery solutions. Solex has established itself as a global leader in supporting its customers to decarbonize operations.
Its chief executive, Lowy Gunnewiek, said of the acquisition: "It broadens our overall business portfolio to provide our global client base with an even deeper suite of best-in-class, sustainable solutions that align with their respective environmental, social and governance strategies.鈥
Econotherm managing director Mark Boocock, who has sold his business to Solex, said: 鈥淪olex鈥檚 commitment to making a sustainable impact within the industries it operates aligns with our company鈥檚 trajectory of being a world-leader in today鈥檚 circular economy. Having the support of Solex will allow us to expand the reach of our patented heat recovery solutions and create a positive impact in the world around us.鈥
Corporate advisory firm GS Verde acted for Econotherm on the deal.
