Business
Acquisition of CWEV
Acquisition of CWEV.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 2479V Camco International Ltd 27 May 2008 \nCamco International Limited \n('Camco', 'Company' or the 'Group')\n\nAcquisition of ClearWorld Energy Ventures\n\n\n\nCamco International Limited, a leading climate change business in the growing carbon and sustainable development markets, is pleased to announce that it has completed the acquisition of ClearWorld Energy Ventures Limited ('CWEV') for an initial consideration of 420,125 new ordinary shares of €0.01 each in the Company ('Ordinary Shares').\n\nAs part of Camco's clear strategy of service integration in the carbon market, the acquisition of CWEV is key to the creation of Camco's asset management business in China. This business will add to Camco's existing services in China which cover carbon credit origination, carbon strategic advice & planning, and carbon footprinting.\n\nThe acquisition of CWEV and its experienced management team will leverage the market leading position of the Camco brand name in China and enable the Group to create value through investments in underlying project assets and technologies.\n\nCWEV was established by ClearWorld Energy Limited ('CWE') to source finance for clean energy projects and technology companies. It currently employs 7 deal origination and investment professionals based in Beijing who combine technical and sectoral experience with a strong project development and investment management track record. \n\nPost acquisition, the three CWEV directors will assume either Executive or non-Executive positions with Camco China. Having successfully invested and managed a total of $350m over 10 years in China's energy sector, they bring detailed knowledge of China's foreign investment environment and a track record of profitable operations on-the-ground. In addition CWEV's management team is highly experienced, well-networked and has access to a large number of potential investments.\n\nCamco will continue to pursue a strategy of raising capital f...