MANILA, Philippines - Premiere Horizon Alliance Corp. has acquired a majority stake in a technology firm offering cooling solutions at a total investment of P80 million.
In a disclosure to the local bourse, Premiere Horizon said it has signed a share purchase agreement with Concepts Unplugged Business Environment Solutions, Inc. (CUBES) for a 51 percent interest in the technology company.
Premiere Horizon said it would pay 50 percent of the purchase price by the end of the month with the balance to be paid by end-January next year.
“This investment will be part of the funding commitment of Premiere Horizon for the planned capital expenditure of CUBES estimated at around P250 million for 2015,” the company said.
Premiere Horizon said the transaction is part of a new business direction it is undertaking which involves investments in innovative countryside projects using new technologies focused in the fields of food security, natural resources development, shelter and communities and tourism development.
“Premiere Horizon’s acquisition of the majority stake in CUBES is aligned with the company’s thrust of invigorating the countryside with its focus on food security by providing accessible and cost-efficient electricity alternative to cold storage facilities,” the firm said.
“This business supports Premiere Horizon’s commitment to environment sustainability by investing in green technology that diminishes dependence on fossil fuels,” it added.
CUBES is a company that offers cooling solution to cold storage facilities that eliminates the need for electricity.
Instead of using regular condensing units to generate cold air, CUBES’ technology replaces these with a patented cooling system that uses biomass as fuel source, assuring cold storage facilities of uninterrupted operation because it is deployed as an off-grid installation.
“The looming energy crisis with the real possibility of rotating brownouts will no longer be a concern. The system will be installed without extra costs to cold storage operators. The adoption of this innovative solution will not only result in big electricity savings but will also eliminate any recurring equipment repair and maintenance expense,” Premiere Horizon said. – Richmond Mercurio