July 27, 2008
LOCAL ALTERNATIVE ENERGY FIRM ATTRACTS INTERNATIONAL INVESTORS
Lucid Energy Technologies expands offices
Goshen, Indiana
Ontario based Vigor Clean Tech today announced its acquisition of a 50% stake in Lucid Energy Technologies, LLC, in Goshen, Indiana. Lucid is a global company which designs, engineers, and sells hydrokinetic power generation systems. Lucid's headquarters will remain in Goshen, Indiana with a branch office in San Antonio, Texas, and a new satellite office in Kitchener, Ontario.
"Lucid held a great deal of interest for Vigor from day one," says the company's new president and CEO, Tim Braun. "Our original intent was to partner with Lucid as a developer. We quickly realized there would be even greater growth-potential through a merger. When the opportunity presented itself, we simply couldn't pass it up. Lucid is headed in the right direction; we're just adding strength to that momentum." With the exception of the current president, Lucid will retain all staff and senior management and add personnel resources from Vigor.
Outgoing president, Evan Bontrager, resonates with Braun's sentiments. "I am appreciative for the opportunity we had to launch Lucid and the next steps are exciting ones for this company. Lucid will benefit from the skills and additional resources brought by Vigor. Expanding our international presence while growing high-tech business in Indiana is our shared vision."
Lucid Energy Technologies designs and engineers hydrokinetic power systems utilizing the Gorlov Helical Turbine (GHT). The turbines are manufactured from extruded aluminum components making them environmentally benign, lightweight, and recyclable. Most importantly, GHTs provide an opportunity to reduce dependence on fossil fuels for electricity production, the bulk of which is currently derived by burning coal.
Vigor will share ownership of Lucid with the company's long-standing partner, GCK Technology, Inc. "We are very exited about adding the vision and resources of Vigor to the Lucid team," says Ed Kurth, GCK Technology, Inc. founder and Vice President of Lucid. "The alternative-energy focus of Vigor Clean Tech will more-rapidly advance the commercialization of Lucid's GHT power-generating systems."
1Sources: 2004: Energy Information Administration (EIA), International Energy Annual 2004 (May-Jul 2006), website www.eia.doe.gov/iea. Projections: EIA, System for the Analysis of Global Energy Markets (2007).
