Probe Manufacturing says that it has completed the purchase of GE’s Heat Recovery Solutions business from General Electric International. It also has closed a related funding agreement with ETI Partners IV LLC. Probe is changing its name to Clean Energy Technologies, Inc. and will trade under the symbol CETI.
The acquisition includes assets located at the GE facility in Costa Mesa, CA. Probe has relocated its professional engineering operations to the location.
The heart of the deal is technology that captures waste heat from different sources and sells it back to the grid. The company said that its core business is supporting start-ups and venture capital-backed companies.
Earlier this month, Technavio released a report indicating that the global waste heat recover market in the oil and gas industry will grow at a compound annual growth rate of 7.6 percent between last year and 2019.