Infinia and GreenTek (India) Announce Equity Investment, Joint Development Collaboration & Joint Venture in India

OGDEN, UT, USA and PUNE, INDIA – Oct. 15, 2012 – Infinia Corporation, a leader in the development of innovative, clean energy products that use its proprietary free piston Stirling generator, today announced a strategic partnership with GreenTek Systems (India) Limited (“GreenTek”), a company owned by the Kirloskar family. The relationship includes an equity investment by GreenTek into Infinia, a joint development effort on Infinia’s next generation of high efficiency Stirling generators, and the planned license and formation of a joint venture in India.

“GreenTek has spent the last year conducting extensive diligence on our PowerDish product; we are pleased to have them as a key strategic partner,” said Mike Ward, Infinia’s President and CEO. “GreenTek will assist us in rapidly moving our PowerDish products forward as well as our product family of ‘offgrid and micro-grid’ power solutions for the rapidly growing emerging economies.”

India has significant power generation needs. Over 404 million people in the country do not have access to electricity, and more than 50% of its grid-connected villages suffer from erratic, low voltage power. The need to augment grid-connected and micro-grid served villages with reliable, renewable energy represents a sizeable market opportunity for GreenTek and Infinia.

“We have been looking for a solar energy solution for both grid-scale and micro-grid applications in India that we feel can compete on a CER (Cost, Efficiency and Reliability) basis with current and future technologies. In addition to providing reliable solar energy, the PowerDish can be readily integrated into our existing manufacturing and supply chain capabilities, ensuring low system cost,” said Gauri Kirloskar, Executive Director of GreenTek.

 

About Black Pearl Capital Partners

Black Pearl Capital Partners is a private equity fund created and managed by Black Pearl Capital (BPC). BPC is an asset management firm registered in the Cayman Islands, with headquarters in Switzerland and offices throughout Europe and the Middle East. For more information, visit www.blackpearlcap.com

About Greentek

Greentek India Pvt Ltd is rapidly expanding and successful Indian-owned company, with show piece manufacturing facility at Hyderabad , Hitech City of Andhra Pradesh, Bangalore IT city of Karnataka, Pune , Gurgaon ( Delhi) major city of Haryana . Greentek is preferred supplier to the Solar industry for Solar water Heater , Solar Modules , Solar Inverters having major installations across the country for varied applications duly serviced by well-trained Dealers.

Greentek is clearly among leaders in providing Solar Heating for medium to high usage hot water heating. Greentek Solar hot water system applications have been made for uses such as hospitals, restaurants, carwashes, nursing homes, commercial laundries, hospital laundries, defence force bases, dormitories, hostels, clubs and private residences. For more information, visit http://www.greentekindia.co.in/

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