FORT WAYNE, IN and NINGBO, Zhejiang, July 27, 2012 /CNW/ - WaterFurnace Renewable Energy, Inc. (TSX: WFI) and Ningbo Shenglong Group Company, Ltd. today announced the
formation of WaterFurnace Shenglong HVACR Climate Solutions Co., Ltd. (WFSL) under a joint venture agreement. The new company will provide heating,
ventilation, air conditioning and refrigeration (HVACR) products to the
Chinese domestic market under the "WFI" brand name.
WFSL's primary focus will be geothermal heat pump technologies although
traditional HVACR designs are being explored to complement its
geothermal offerings. These new products are expected to provide WFSL
entry into other Asian territories and eventually markets worldwide.
Shenglong's expertise in manufacturing and distribution for the Asian
market combined with WaterFurnace's expertise in energy-efficient
technologies and engineering will position WFSL to take advantage of
the rapidly increasing HVAC opportunities in China.
Shenglong Group Chairman Luo Yulong explained, "This joint venture is a
marriage of strengths. Shenglong has an extensive manufacturing
facility, a fully trained workforce and an existing sales channel
infrastructure. WaterFurnace brings a culture of innovation and a vast
amount of experience with energy efficient technologies. This
partnership will benefit both companies in a significant way."
Tom Huntington, WaterFurnace Renewable Energy, Inc.'s President and CEO
stated, "This is an historic day for WaterFurnace. Our increased global
footprint and ability to bring focus to the Chinese market bodes well
for the Company. Not only does this venture provide new sourcing and
distribution opportunities, it also brings the enormous growth
potential of the Chinese market to WaterFurnace and its shareholders.
We're very excited to have the staff of Shenglong as a partner."
The investment will be made through WaterFurnace International Hong
Kong, Ltd, a subsidiary of WaterFurnace Renewable Energy, Inc. The Hong
Kong entity will also be responsible for all of WaterFurnace's
worldwide sourcing and distribution efforts.
The total investment of the parties is $8,000,000 U.S. Shenglong will
own 51% of the venture with WaterFurnace owning 49%. Other details of
the agreement were not disclosed. It is expected that the WFSL will
begin full operations before December 31, 2012.
To learn more about WaterFurnace, visit the website at www.waterfurnace.com.
WaterFurnace is the leading manufacturer of geothermal and water source
heat pumps. Products from WaterFurnace include energy-efficient and
environmentally friendly geothermal comfort systems, indoor air quality
products and pool heaters. WaterFurnace (TSX:WFI) was founded in 1983,
and the company is headquartered in Fort Wayne, Indiana. For the latest
news and updates from WaterFurnace, connect with us on your favorite
social media sites - follow us on Twitter @WaterFurnace, like us on Facebook or view the WaterFurnace YouTube Channel.
WaterFurnace - http://www.waterfurnace.com/
geothermal - http://www.waterfurnace.com/how-it-works.aspx
heat pumps - http://www.waterfurnace.com/geothermal-heat-pumps.aspx
WaterFurnace YouTube Channel- http://www.youtube.com/user/WaterFurnace
SOURCE: WaterFurnace Renewable Energy, Inc.
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