World News
Cleantech Firm Touts Marine Propulsion, Cooling Systems Technology
The CEO of U.S. cleantech company InterCore Energy Inc. said its acquisition of the Legacy Group, which makes "ultra-efficient" marine hybrid propulsion and cooling systems, represents an opportunity for excellent financial performance.
Legacy, based in Texas, produces power and automation products for the oil and gas industries, including a hybrid propulsion system that reduces the fuel consumption and emissions of vessels including harbour tugboats and ferries.
The company also makes a cooling system for use in the power systems for oil and gas drilling rigs that uses half the energy of traditional chilled-water systems, and which InterCore says could be adapted for commercial and residential use.
"Our corporate objective is to invest in viable technologies that improve the country's energy landscape, moving in the direction of energy independence while meeting environmental requirements without relying on government subsidies to survive," said InterCore CEO James F. Groelinger.
When the plan for Legacy's acquisition was first announced in July, Legacy founder and CEO Paul Rembach said the deal offers an attractive alternative to taking the company public himself.
"The opportunity to integrate the Legacy operation into the InterCore portfolio is extraordinarily synergistic," he said.
"It provides an avenue for supporting the continuing growth of the Legacy product line in an operating environment that is uniquely focused on the business areas important to Legacy."
In addition to the Legacy deal, InterCore is also acquiring a 25 percent share in Epec Biofuels Holdings Inc., which is developing technology to make ethanol from sweet sorghum.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 493.50 | 8.50 | 606.00 | 11.00 |
| Rotterdam | 450.00 | 5.00 | 599.50 | 20.00 |
| Houston | 458.00 | 9.00 | 618.00 | 7.00 |
| Fujairah | 483.00 | 12.00 | 703.00 | 9.50 |
| Global 20 Ports Average | 521.00 | 3.50 | 705.50 | 5.00 |
| Global 4 Ports Average | 471.00 | 8.50 | 631.50 | 12.00 |
| Global Average Bunker Price | 564.00 | 6.50 | 741.50 | 6.00 |
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