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Earlier this year, SunSi Energies advised that it had signed a binding letter of intent to acquire a 51% controlling interest in TransPacific Energy. Today, the company revealed that it has increased its equity stake in TPE to nearly 45% and plans to gain the additional equity necessary to reach 51% by the end of the month.
SunSi admits that its acquisition of TPE is its first step in capitalizing on the renewable energy market. It plans to continue gaining market share include further acquisitions and growing the acquired companies. Richard St-Julien, Sunsi's chairman, stated, "We are thrilled to be associated with a quality company such as TPE. We believe their technology has numerous worldwide applications and will become an important driver of our future growth that will benefit our shareholders."
