The below has been extracted from a WaterFurnace Press Release dated 23 January 2011:
Fort Wayne, Indiana: WaterFurnace Renewable Energy, Inc. [WFI:TSX] announces that it has acquired (the “Acquisition”) the fixed assets and technology of Hyper Engineering Pty located in New South Wales, Australia pursuant to a purchase agreement dated January 21, 2011.
Hyper Engineering designs and builds devices that limit the inrush current that electric motors draw upon start up. By reducing inrush current the life of electric motors is extended, but most importantly, local electric power quality is improved and annoying light flicker is eliminated.
WaterFurnace plans to expand the global marketing and sales of this device. WaterFurnace also plans to incorporate technology developed by Hyper Engineering into the design of its core heat pump products.
On a larger scale, this technology has the potential to reduce stress on the electric utility infrastructure and make those systems more efficient.