Quest Water Global, Inc., an innovative water technology company, and developer of the AQUAtap™ Community Drinking Water Station and WEPSTM Atmospheric Water Extraction and Purification System, announced that the Company’s wholly-owned subsidiary, Heliosource, Inc., has acquired a new patented high performance solar technology from the Hohulin Family Trust.
The new solar technology, known as EM-CS, is believed to provide substantially greater solar energy production and conversion efficiency than present photovoltaic products.
The product has been under development for a number of years and is now at the point of commercialization. Quest Water, through its wholly-owned subsidiary, Heliosource, Inc., plans to take the technology into production and commence sales.
Over the next six months Heliosource will fabricate and assemble a new, advanced prototype that will validate the EM-CS solar technology. The third party validation process will assess the solar technology’s ability to meet certain criteria, and then be used to conduct an IP asset valuation to establish a market value for the product.
Under the terms of the agreement, Heliosource must raise a minimum of $500,000 by February 28, 2015 which will be used to build the new prototype.
Once the technology is successfully validated, Heliosource must raise a minimum of a further $6 million and then grant the Hohulin Family Trust a 10% equity position in Heliosource, issue the trust 5 million shares of Quest Water Global, Inc., an $8 million cash payment ($2 million as part of the second raise with a 5 year note for the balance paid out at 20% of revenue), and a 6% royalty on net before tax revenue on all products sold.
“The acquisition is exciting for Quest Water on two fronts: First we will be part of the commercialization of a new solar technology that has the potential to deliver high yield, highly efficient solar energy production at a fraction of today’s photovoltaic cost; and it will allow Quest to take its WEPS systems completely off the grid,” explained John Balanko, President & CEO of Quest Water Global, Inc., “This will enable us to not only offer less expensive water for the communities in which we do business, but also provide a much needed source of solar power with increased energy output and efficiency. Together with the low cost of production, we believe this new technology has the potential to revolutionize the solar industry.”