World Energy Solutions Acquires Advanced Alternative Energy
World Energy Solutions, Inc. has acquired Advanced Alternative Energy, Inc., a wholly owned subsidiary of UTEK Corp., in a stock transaction.
Advanced Alternative Energy, Inc. has negotiated a worldwide exclusive license to a device that can separate water into its component elements of hydrogen and oxygen. Thin metal oxide films have been developed in a laboratory at Florida State University for the purpose of improving the efficiency of water electrolysis. The films have demonstrated the ability to generate both hydrogen and oxygen near their thermodynamic limits, thus potentially allowing for very high efficiencies.
"World Energy Solutions is enthusiastic about this technology and its contribution to help expand our proprietary position in alternative energy. We believe that the technology has the potential to improve the fuel efficiency of internal combustion engines with the addition of efficiently generated hydrogen gas," said Benjamin Croxton, chief executive officer at World Energy Solutions.
World Energy Solutions, Inc. is an energy services company and electronics manufacturer. Its primary business focus is the development of technology for lowering electrical, gas, and water usage for commercial, government, and residential facilities.