Chinese energy company TICA has acquired Italian power generation firm EXERGY.
TICA Group, which provides thermal energy and HVAC systems, bought EXERGY from Maccaferri Industrial Group in a deal that covers all assets and personnel, including a Turkish subsidiary, plus project references and IP. The new company will be called EXERGY International SRL.
EXERGY supplies Organic Rankine Cycle turbine systems and TICA will now expand the Milan-headquartered company into the Asia market.
TICA said the acquisition would create “significant synergies between the two groups and offer the global market a vast and competitive range of clean-technologies and green power generation solutions”.
TICA founder and chairman Jiang Li said EXERGY “is an excellent complement to TICA’s existing ORC product portfolio. The acquisition also represents further opportunities for both TICA and EXERGY together to deliver the very comprehensive and better total solutions to our customers in geothermal, waste heat recovery, and solar thermal application.”
EXERGY will continue to design and make its radial outflow Organic Rankine Cycle systems near Milan and keep in place all staff.
With factories and R&D facilities in Nanjing, Tianjin, Guangzhou, and Chengdu, TICA is one of the top four Chinese brands in the commercial HVAC industry. It has been active in power generation since 2015, when it signed a joint venture with US-based United Technology Corporation, when it acquired UTC’s ORC business and its PureCycle products.
PureCycle is an ORC system suitable for power generation from low temperature waste heat and renewables and since the UTC deal, TICA has built China’s first engineering demonstration centre for ORC power generation and established an academic programme dedicated to ORC power generation R&D, energy conservation and emission-reduction technology.
EXERGY founder Claudio Spadacini said he was delighted that TICA had recognized the Italian firm’s “technological value, potential and the hard work done in the past ten years to raise it and its brand to a leading player in the ORC market. I believe that integrating our product range with TICA’s, and leveraging on our positions in complementary geographical markets, we can be stronger, offering a real integrated high-tech competitive offer of clean technologies to customers worldwide.”