In a press release today, Asia Properties Inc. (OTC PINK:ASPZ) announced the signing of an agreement to acquire SRE Power, Inc., the Houston-based hydrogen technology company, in a share-for-share deal. The deal values SRE at $72m.
SRE Power, Inc. is a pioneering cleantech company with technology derived from five revolutionary mobility and power patents. Dedicated to developing the innovative HyOrc technology for decarbonizing various industries, the firm is projecting an annual turnover of $3.5 billion within four years from successfully deploying its groundbreaking HyOrc heavy-duty engine for the truck, train and ship markets. Powered by its exclusive combination of hydrogen gas and Organic Rankine Cycle (‘ORC’) turbines, SRE’s patented HyOrc engine promises to disrupt the EV and hydrogen fuel-cell industry with ultra-high efficiency, zero emissions, unmatched driving range and affordability.
The HyOrc engine is designed to power HGV trucks, trains, ships, and stationary power stations. Its first significant target is the $350 billion heavy-duty truck market, where it is expected to fill a substantial gap by offering unmatched efficiency, affordability, and zero emissions.
ASPZ plans to change its name to HyOrc, Inc. and restructure its Board upon the completion of the transaction.
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