Quest Water acquires advanced solar technology for low cost water treatment system

Innovative water technology firm Quest Water Global has acquired a high performance solar technology called EM-CS from the Hohulin Family Trust, through its subsidiary Heliosource.

The firm intends to use the new solar technology EM-CS for its water business, expecting it to reduce the water charges for the communities.

Quest Water Global was responsible for setting up the AQUAtap Community Drinking Water Station and is the developer for WEPSTM Atmospheric Water Extraction and Purification System.

Quest Water Global president and CEO John Balanko said: "The acquisition is exciting for Quest Water on two fronts: First we will be part of the commercialisation of a new solar technology that has the potential to deliver high yield, highly efficient solar energy production at a fraction of today’s photovoltaic cost; and it will allow Quest to take its WEPS systems completely off the grid.

"This will enable us to not only offer less expensive water for the communities in which we do business, but also provide a much needed source of solar power with increased energy output and efficiency.

"Together with the low cost of production, we believe this new technology has the potential to revolutionise the solar industry."

Quest Water intends to integrate the technology into an advanced prototype for authentication. Through a third-party validation process, the technology will be assessed based on certain criteria, before the firm assigns a market value for the end-product.

According to the deal, Heliosource is likely to secure $500,000 from investors by 28 February 2015 for development of the new prototype.

Under the deal, Hohulin Family Trust will collect 10% equity in Heliosource after the technology successfully undergoes the third party validation, and Heliosource will raise another $6m for it.

The trust will also receive five million shares of Quest Water Global along with a $8m cash payment and a 6% royalty on net before tax revenue on all products sold.

Quest Water aims to provide sustainable source of purified water across water scarce regions. The firm focuses on developing turn-key solutions with the implementation of alternative energy for purification, desalination, and distribution of safe potable water.