Globalturk Capital to Invest in Hittite Solar Energy
Globalturk Capital through its partners, invested in Hittite Solar Energy on 2 December 2011 by facilitating a new 50-50 joint stock company establishment between the shareholders of ROC Enerji and the shareholders of the Suzer Group. Post-closing matters were finalized on 13 December 2011. Mr. H. Serhan Suzer, Suzer Holding’s Executive Committee Vice President, Mr. R. Oguz Capan, ROC Enerji’s Chairman and Mr. Baris Oney, Managing Partner of Globalturk Capital took part in the new company’s Board. As the first execution of the new venture, the Company signed the MRI Global “SolarTAC” Agreement in Denver, Colorado, U.S.A. to build up to 1MW testing facility in the sites of US DOE’s NREL (Department of Energy - National Renewable Energy Laboratories), where Hittite was intially invited.
The Suzer Group is a prominent real estate developer, fast food retailer, natural gas distributor, tourism investor and financial services provider in Turkey, owning renowned operations such as Ritz Carlton, KFC and Pizza Hut, Kent Leasing and Factoring and Bahcesehir Natural Gas Distribution. The Group is an active contributor to sustainable living environment by promoting green energy principles in its business processes. Recently, Suzer Group owned and operated KFC Bostanci Restaurant, has become the first restaurant in Turkey and YUM! International (owner of KFC, Pizza Hut and Taco Bell Brands) to receive Leadership in Energy and Environmental Design (LEED) certification awarded by the US Green Building Council (“USGBC”).
Hittite Solar Energy has uniquely positioned itself by developing solar thermal technologies (direct steam generation and heat storage) and desalinization systems. Today, it is knowned to be the only Company generating steam directly from water through parabolic solar troughs, many years ahead of every other solar thermal parabolic trough technology that exists today. These technologies are acknowledged and welcomed by renowned renewable/solar laboratories, university professors and experts in the U.S. and in Europe and are being recommended to energy companies for implementation. The Company has further developed solar thermal solutions to extract heavy oil from reservoirs and to increase steam generation power of inefficient geothermal wells. The Company, who has operations currently in Turkey and U.S.A., has already submitted bids to build pilot to large scale solar thermal plants from utility companies to renowed refineries, petrochemical plants, glass manufacturing facilities, textile and cement plants and geothermal energy producers.
Globalturk Capital has invested in Hittite Solar Energy by taking a minority share option prior to the transaction and actively worked on commercializing the technology and globalizing the company and its operations. This new Hittite Solar Energy venture between the two shareholder groups, where the partners of Globalturk Capital also remain by having an equity interest through their partners in the post-transaction period, marks an important milestone in the life of the process by securing the required initial capital to commercialize the breakthrough technology worldwide.